End crony capitalism, sell federal land, limit tax breaks for the rich
It is certainly the verdict of John Micklethwait and Adrian Wooldridge in their new book The Fourth Revolution: The Global Race to Reinvent the State, although expressed, as you might expect from the editor and business editor of the Economist, in far more urbane language.
Their thesis is that the state has been reinvented three times in the last 400 years, and needs reinvention once more. The first revolution they name after Thomas Hobbes, the seventeenth century philosopher who called for a powerful dictatorial state to protect people from the horrors of all-out war.
It was superseded by the nineteenth century named after John Stuart Mill, who wanted a small state run by competent civil servants to guarantee individual liberty under the rule of law. It was succeeded by the welfare state championed a century ago by Sidney and Beatrice Webb, to protect the industrial masses from want and need.