11/23/2020

Is this the end for the neoliberal world order?

Some of Trump’s actions, notably the proposed tariffs, may be crude and even wrong-headed but other moves, notably focus on China’s buying of American technology assets, expose the fundamental weakness of the neoliberal trade regime. Trump’s policy agenda would never have risen if neoliberalism was able to improve the lives of the vast majority of citizens rather than promote stagnation and downward mobility for a large portion of the population.

Neoliberal policies have worked well for those in the upper economic, academic, bureaucratic classes and the cosmopolitan places where they predominate. But what works for Manhattan or Palo Alto, as well as Goldman Sachs or Apple, does not help so much residents of declining industrial cities, small towns and villages which suffered millions of lost jobs due to China or NAFTA.

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