The Biden Administration Just Declared the Death of Neoliberalism

The White House has called for a “new Washington consensus.” Can it become a reality?

From this perspective, a world in which every country is allowed to lure capital by subsidizing domestic production is one in which factories and jobs will concentrate in the United States. After all, as the world’s largest economy and printer of the global reserve currency, the U.S. can more easily afford to pay out hundreds of billions in subsidies than a fractious European Union, let alone developing countries.

What’s more, the notion of the U.S. and E.U. competing to see who can stimulate more investment in green technology constitutes a zero-sum “” that seems fundamentally misguided. Everyone has an interest in the development and deployment of renewable energy and low-carbon alternatives to internal-combustion vehicles and fossil-powered industrial processes.

Specifically, Sullivan called on the World Bank and other multilateral development banks to “stretch their balance sheets to address climate change, pandemics, and fragility” and “expand access to concessional, high-quality finance for low-income and for middle-income countries.

Strip Global Bidenism down to the provisions for which there is a genuine “Washington consensus,” and you’re left with proposals for reducing U.S. economic dependence on China and constraining that nation’s economic development. Whatever its merits, this adds up to a decidedly less liberatory revision of global governance. And it is one that also entails significant risks.

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