Plain English with Derek Thompson

What America’s Bold New Economic Experiment Is Missing

20 snips
May 24, 2024
David Leonhardt, a seasoned writer and editor at The New York Times, discusses a transformative moment in American economics. He highlights a growing bipartisan consensus on government intervention in trade and technology, especially regarding China. The conversation reveals how infrastructure subsidies, tariffs, and technology restrictions are reshaping economic policy. Leonhardt also connects current shifts to historical crises that have sparked innovation, pointing to the need for a neopopulist approach to better align with working-class concerns.
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INSIGHT

New Washington Consensus

  • A new consensus is forming in Washington D.C. regarding technology, trade, and economic growth.
  • This involves increased subsidies, tariffs on imports (especially from China), and restrictions on Chinese technologies.
INSIGHT

Failure of Neoliberalism

  • The old Washington consensus (neoliberalism) prioritized minimal government intervention and free markets.
  • This approach, however, failed to deliver promised prosperity and global democratization.
INSIGHT

Bipartisan Cooperation

  • Despite political polarization, bipartisan agreements are happening in key areas like technology and trade.
  • These agreements have led to significant legislation, indicating a shift in economic policy.
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