AbstractOne striking parallel between the Gilded Age and today is the return of the “ring” as a volatile form of governance. Rings are small bands of entrepreneurs who, through capture of key political institutions, exploit the coalition-building imperatives of party politics to rapidly accumulate large personal fortunes. The vernacular hails from the 1860s and 1870s, when the Tweed Ring, Gold Ring, Whiskey Ring, and Bank Ring, among others, scandalized the public with smash and grab practices. In the Trump era, Paul Manafort's career and the president's family business share many similarities to these classic episodes, both in the contested origin of private wealth and the circulation of profits throughout the political system. Rings thus have a tendency to recur in American political development. When electoral politics becomes financialized, speculators may seize opportunities to extract a hefty surplus from the public domain. In premodern contexts, Max Weber called this plundering phenomenon “booty capitalism.” The variant specific to American electoral institutions highlights a periodic conflict in democratic capitalism that arises over the legitimacy of political wealth accumulation.
