American capitalism has generated remarkable prosperity. However problems of opportunism and bounded rationality have meant that American capitalism has also generated economic crises, unpopular levels of inequality and subordinated workers and small producers to employers and national markets in contradiction to American ideals of republican independence. American liberals have sought the support of those aggrieved by the process of capitalist development but to secure an electoral majority they have had to offer citizens a plausible program for economic growth and thus to support capitalism. 'Corporate liberalism' has been the result. Each generation of liberals has offered solutions to the problems of bounded rationality and opportunism from Progressive antitrust to Bill Clinton's pursuit of Microsoft. Each generation of capitalists has also offered solutions to the problems of bounded rationality and opportunism from the giant corporations of the late nineteenth-century to the financialized capitalism of recent years. Liberalism and capitalism have informed and shaped each other. Each rapprochement between capitalism and liberalism has broken down amidst economic crisis and political realignment. The economic crisis that commenced in 2007 may presage a political realignment comparable to that of the 1890s or 1930s.