The age of neoliberalism is ending in America. What will replace it? | Gary Gerstle

Biden has a shot at giving the US a progressive political order. But the odds are against him – for now

The neoliberal order that dominated American politics for 40 years is coming apart. This order prized the free movement of capital, goods, and people. It celebrated deregulation as an economic good that resulted when governments were no longer allowed to manage markets. It valorized cosmopolitanism as a cultural achievement, the product of open borders and the consequent voluntary mixing of large numbers of diverse peoples. It hailed globalization as a win-win position: the west would be enriched but so would the rest – Latin American countries and Asian nations, large and small. There would be no losers in this global project – not among the working classes of the west nor among the peoples of the global south. Globalization and free markets would lift all boats. In America, the neoliberal order transcended party lines, compelling all those who wanted political power to subscribe to its core beliefs. Ronald Reagan was its most prominent architect, Bill Clinton its key facilitator, converting the Democratic party to its core precepts.

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from The Guardian https://ift.tt/2TbxssU