The study of the mass circulation “popular magazine” during the Gilded Age and Progressive Era was revived during the 1990s as part of the emerging fields of gender studies, consumer studies, and the study of the new middle class. Richard Ohmann's seminal work viewed these magazines through the lens of the political economy and class relations of an emerging corporate capitalist society and explored the relationship between mass culture and the political economy of capitalism. This paper reexamines the connection between a national mass culture, the new middle class, and an emerging corporate capitalist society through the lens of post-structuralist discourse theory. Corporate capitalism is conceptualized as in part a discourse, the new liberalism, which incorporated or rearticulated populist and socialist discourses and in doing so temporarily won the consent of the capitalist class, middle classes, and segments of the working class. Through the pages of popular magazines readers were offered pieces of a new discourse that embraced corporations rather than the “free market,” women's entry into public life, and new constructions of the self. During the muckraking era, elements of socialism and populism were integrated into mainstream American culture. Overall, the essay argues that a discourse perspective on popular magazines can open up new perspectives on corporate capitalism and the new liberalism. While corporate capitalism marked the decline of the producer–republican tradition, it also marked the emergence of an American social democratic tradition, a mixture of capitalist and socialist social formations.