The post-neoliberalism moment

The article discusses the decline of neoliberalism and the Washington Consensus in contemporary economic policy, highlighting a shift in attitudes among policymakers and economists. Historically, neoliberalism, characterized by deregulation and trade liberalization, was embraced across the political spectrum in the U.S. as a means to foster global economic interdependence. However, recent events, including the COVID-19 pandemic and geopolitical tensions, have led to a reevaluation of these policies. Critics argue that neoliberalism has failed to address significant economic shocks, such as the "China shock," which adversely affected U.S. manufacturing. New voices in economic discourse, like Adam Tooze and Rana Foroohar, advocate for a post-neoliberal approach that emphasizes resilience over efficiency. This shift is reflected in the Biden administration's policies, which prioritize domestic production and industrial policy. Despite the growing acceptance of post-neoliberal ideas, some economists caution against abandoning neoliberal principles entirely, arguing that the challenges faced are more about local responses to economic changes than the policies themselves. The article concludes that while the post-neoliberal paradigm is gaining traction, its efficacy remains debated.

- Neoliberalism and the Washington Consensus are increasingly viewed as outdated in U.S. economic policy.

- Recent global events have prompted a shift towards policies emphasizing resilience and domestic production.

- Critics of neoliberalism highlight its failure to mitigate economic shocks, leading to calls for a new economic paradigm.

- The Biden administration's policies reflect a departure from traditional neoliberal principles.

- The debate continues over the effectiveness of post-neoliberal ideas versus the merits of neoliberalism.