What role have conspiracy theories played in American political history? What is the connection between conspiracism and demagogy? How do the conspiracies circulating in our time compare to the conspiracies of the past? Using the classic work by Richard Hofstadter The Paranoid Style in American Politics (1964) as a springboard, Princeton historian Sean Wilentz joins us to consider these questions. Wilentz, editor of Library of America’s new volume of Hofstadter’s work, argues that conspiracies, paranoia, and demagogy have deep roots in American political history—and have, at various times, succeeded in affecting American politics considerably. Wilentz brings his perspective to bear on conspiracies circulating today and considers how our situation compares and contrasts with other tumultuous moments in American history. Kristol and Wilentz also discuss whether and how a less demagogic form of politics might emerge in the years ahead.