America has entered a new Gilded Age, in which a few individuals have immense wealth and apparently unaccountable power. In our cover story, David Aaronovitch warns us about the potential consequences of their carelessness. In our other essays, Phil Tinline tells the story of an old idea that could break up the biggest tech companies—and perhaps save the Democrats. Peter Kellner recounts the lessons of the many Labour leaders he has known, and Ellen Halliday explores whether climate change should be a security risk. Among our profiles, Alona Ferber interviews groundbreaking feminist thinker Juliet Mitchell and Franklin Nelson speaks with space scientist Maggie Aderin. In culture, Emily Bootle reviews Freya India’s Girls, Imaan Irfan enters Modi’s Bollywood multiverse and Kate Maltby asks if Tom Stoppard can save the West End. For our diary, Olesya Khromeychuk finds a sense of normalcy at the theatre in wartime Kyiv.