The Good Fight Bonus: Noah Smith on the Rise and Fall of "Neoliberalism"
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Dec 19, 2024 A fascinating discussion unfolds around the rise and fall of neoliberalism in America. The dialogue highlights the YIMBY movement's push for urban development and the struggles of soaring costs in childcare, housing, and healthcare. Insights into China's economic impact reveal how currency manipulation skewed American manufacturing. Political shifts within the Democratic Party challenge past market-driven policies, igniting debates over worker rights and regulatory frameworks. As they navigate these complex issues, the idea of an 'abundance agenda' takes center stage.
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Current Economic Policy
- The Democratic Party's economic policy lacks a clear direction after the "neoliberal" era's failures.
- The progressive "anti-neoliberal" movement hasn't provided sufficient solutions.
Impact of Neoliberalism
- The "neoliberal turn" was less about cutting government and more about what wasn't done.
- It was about how economic policy was thought about, rather than direct actions taken.
China Shock
- China's currency manipulation in the 2000s hurt American manufacturing.
- The US could have responded with countervailing duties but didn't due to various factors.