The Trump administration has gutted central government, lashed out at the Federal Reserve, and is attempting to dismantle the international trading order. Can America's institutions survive? We hear from Chicago Booth's Raghuram Rajan about the role of institutions in political economy. Are we seeing a reversal of fortunes, in which the US is looking more and more like a caricature of a poor country with poorly regarded institutions, growing inequality and a looming sovereign debt crisis?