9 Nov 2024 11:21 am
Neoliberalism exhausted the US
“Make America Great Again” is likely a reference to somewhere around 1973, when the US peaked – it's since been in decline. Under the neoliberal consensus, society became an appendage to the market and politicians became unable to deliver the changes demanded by the public. The political left could not redistribute wealth, and the political right could not defend traditional values and communities. Globalization gave birth to a political class loyal to international capital without national loyalties, and accountability to the public disappeared. Globalization often contradicts democracy, and there is a growing division between illiberal democracy versus undemocratic liberalism.
A key lesson from the American System in the early 19th century was that industrialization and subsequent economic sovereignty is a necessity for national sovereignty. Tariffs and temporary subsidies are important tools for infant industries to develop maturity, and fair trade is thus often preferable to free trade. Trump’s tariffs to re-industrialize and advance technological sovereignty are noble ambitions that even the Biden administration attempted to emulate. However, Trump’s flaw is that excessive tariffs and an economic war on China will severely disrupt supply chains to the extent it will undermine the US economy. The excesses of Trump’s tariffs and economic coercion derive from the effort to break China and restore US global primacy. If the US can accept a more modest role in the international system as one among many great powers, the president elect could embrace a more moderate economic nationalism that would have a greater prospect of succeeding.
Trump’s vice president-elect, JD Vance, correctly noted the self-defeating moralizing of the US: “We have built a foreign policy of hectoring and moralizing and lecturing countries that don’t want anything to do with it. The Chinese have a foreign policy of building roads and bridges and feeding poor people.” It is a good time for pragmatism to triumph over ideology.
Critics of Trump are correct to point out the paradox of a billionaire claiming to represent the people against a detached globalized elite. Sitting in flashy buildings with his name on the side in large golden letters, Trump has nonetheless taken the role of representing American workers by calling for re-industrialization. Raised in the excesses and hedonism of America’s cultural elites, Trump calls for preserving America’s traditional values and culture. Is Trump a savior? Probably not. But policies are more important than personalities, and Trump is kicking open a door that was seemingly closed by liberal ideology.
Continued.....
“Make America Great Again” is likely a reference to somewhere around 1973, when the US peaked – it's since been in decline. Under the neoliberal consensus, society became an appendage to the market and politicians became unable to deliver the changes demanded by the public. The political left could not redistribute wealth, and the political right could not defend traditional values and communities. Globalization gave birth to a political class loyal to international capital without national loyalties, and accountability to the public disappeared. Globalization often contradicts democracy, and there is a growing division between illiberal democracy versus undemocratic liberalism.
A key lesson from the American System in the early 19th century was that industrialization and subsequent economic sovereignty is a necessity for national sovereignty. Tariffs and temporary subsidies are important tools for infant industries to develop maturity, and fair trade is thus often preferable to free trade. Trump’s tariffs to re-industrialize and advance technological sovereignty are noble ambitions that even the Biden administration attempted to emulate. However, Trump’s flaw is that excessive tariffs and an economic war on China will severely disrupt supply chains to the extent it will undermine the US economy. The excesses of Trump’s tariffs and economic coercion derive from the effort to break China and restore US global primacy. If the US can accept a more modest role in the international system as one among many great powers, the president elect could embrace a more moderate economic nationalism that would have a greater prospect of succeeding.
Trump’s vice president-elect, JD Vance, correctly noted the self-defeating moralizing of the US: “We have built a foreign policy of hectoring and moralizing and lecturing countries that don’t want anything to do with it. The Chinese have a foreign policy of building roads and bridges and feeding poor people.” It is a good time for pragmatism to triumph over ideology.
Critics of Trump are correct to point out the paradox of a billionaire claiming to represent the people against a detached globalized elite. Sitting in flashy buildings with his name on the side in large golden letters, Trump has nonetheless taken the role of representing American workers by calling for re-industrialization. Raised in the excesses and hedonism of America’s cultural elites, Trump calls for preserving America’s traditional values and culture. Is Trump a savior? Probably not. But policies are more important than personalities, and Trump is kicking open a door that was seemingly closed by liberal ideology.
Continued.....