Beyond the Median Voter: Unpacking America's Investment Theory of Politics This episode reviews Chapter Six of American economist and economic historian Peter Temin’s The Vanishing Middle Class. Temin introduces America’s “triple split”—economic inequality, racial divisions, and gender disparities—and examines how these fractures shape politics and policy. The chapter critically assesses the Median Voter Theorem, which suggests that political candidates converge toward the center of voter preferences. Temin finds this theory inconsistent with the realities of a dual economy, where the interests of the low-wage sector are routinely disregarded despite their numerical majority. He traces how historical constitutional compromises, state-level voting regulations, and partisan redistricting have systematically restricted democratic participation, especially for marginalized groups, reinforcing the idea of voting as a privilege rather than a guaranteed right. Temin also argues that the high cost of acquiring reliable information on complex issues such as Social Security and government debt undermines the practical application of the Median Voter Theorem. As an alternative, he presents the Investment Theory of Politics, which contends that political outcomes are largely driven by the financial power of businesses, wealthy individuals, and political action committees. This perspective helps explain the persistent disconnect between public preferences and enacted policies.