If Warren wanted to define herself in opposition to Sanders, she wouldn’t need to tie herself in knots. Where Sanders talks about revolution, her description of the American economy amounts to a restoration. She wants to return to another era, when the economy (and government) was less captured by Big Business. Her scourge is corruption, and embedded in her incessant denunciations of it is the hope that the system can be salvaged by extrication of that tumor. Where socialism imagines greater concentrations of power—greater state planning, greater public provisioning of goods—her vision ultimately points in the direction of a more decentralized, more competitive economy. Sanders’s keyword is equality; her best speeches have extolled liberty. By contrasting herself with Sanders, she could press the case for her electability. Donald Trump has already begun to portray socialism as a foreign incursion, but Warren’s populism is in the American grain. It draws on a political vocabulary that traces back to Thomas Jefferson. She wants “structural change,” but her changes are premised on principles that are deeply familiar.