Book excerpt: Michael Alexander extends his analysis of financial cycles in Stock Cycles (2000) and economic cycles in The Kondratiev Cycle (2002) to American politics. Alexander presents an empirical method to track Arthur Schlesinger's cycle of liberalism and conservatism and relates it to economic and cultural cycles. He proposes a mechanism for the Schlesinger cycle and its interaction with other cycles. Finally he assesses our current location within the cycle and uses the cycle to put into perspective several of the major issues of the day, including the War on Terror, Social Security, the economy and energy policy.