The New Plutocracy

December 11, 2014 12:06 AM

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Many of us are deeply grieved by the recent events surrounding The New Republic, where Chris Hughes, its current publisher, having rejected the magazine's time-honored intellectual purpose in favor of a profitable new web initiative, effectively caused the demise of a respected hundred-year-old institution. The new ownership, responding to the relatively low circulation of the magazine, and the five million dollar annual subsidy that it provoked, has radically changed its purpose, causing the entire staff to resign, following Editor-in-Chief, Franklin Foer, and Literary Editor, Leon Wieseltier.

No doubt sensing that something historic and unprecedented was happening, these sad events have been widely covered by the media, through editorials, interviews, letters, and web sites, with almost universal agreement that Hughes, a co-founder of Facebook with his Harvard roommate Mark Zuckerman, ha...

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