The Failure of the Neoliberal Washington Consensus

The U.S. needs to go back toward a kind of Keynesian approach with much more state investment in certain strategic industries, he says. America's industrial base had been hollowed out by the neoliberal Washington consensus for decades and that has left many Americans jobless. The People's Republic of China continued to subsidize at a massive scale both traditional industrial sectors like steel,. as well as key industries of the futureLike clean energy, digital infrastructure, and advanced biotechnologies. American middle class lost ground while the wealthy did better than ever.