The 21st century so far hasn’t been the best of times for America. First 9/11, then a financial crisis and deep recession, then a global pandemic without recent precedent. The economy has suffered, and politics has been upended. American self-confidence has been badly bruised, and public trust in institutions has plummeted. What can we do about it? That’s the question that John Cogan and Kevin Warsh, both policy veterans and Journal contributors, asked themselves in September 2020 when prompted by former secretary of state Condoleezza Rice. She had just taken over as director of Stanford University’s Hoover Institution, where both...