Reaganomics Is on Its Last Legs (1 Viewer)

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Reaganomics Is on Its Last Legs

Joe Biden’s new tariffs on Chinese goods mark the decisive rejection of an economic orthodoxy that dominated American policy making for nearly half a century.

www.theatlantic.com

Since the 1980s, American economic policy has largely been guided by the belief that allowing money and goods to flow with as little friction as possible would make everyone better off. So overwhelming was the agreement on this point that it became known, along with a few other free-market dogmas, as the “Washington Consensus.” (You may know the Washington Consensus by its other names, including neoliberalism and Reaganomics.) According to this way of thinking, free trade wouldn’t just make countries rich; it would also make the world more peaceful, as nations linked by a shared economic fate wouldn’t dare wage war against one another.

 

[efil4]

Reaganomics Is on Its Last Legs

Joe Biden’s new tariffs on Chinese goods mark the decisive rejection of an economic orthodoxy that dominated American policy making for nearly half a century.

www.theatlantic.com

Since the 1980s, American economic policy has largely been guided by the belief that allowing money and goods to flow with as little friction as possible would make everyone better off. So overwhelming was the agreement on this point that it became known, along with a few other free-market dogmas, as the “Washington Consensus.” (You may know the Washington Consensus by its other names, including neoliberalism and Reaganomics.) According to this way of thinking, free trade wouldn’t just make countries rich; it would also make the world more peaceful, as nations linked by a shared economic fate wouldn’t dare wage war against one another.

unfortunate that theory didnt account for authoritarians who amassed massive personal wealth off the backs of its citizen workers who tampered any sort of pushback by force.

good...it was a theory, in the 80s, that had some credence but with the introduction of technology, especially internet, the global marketplace changed completely, leaving that theory as an antiquated period piece.

Economics today are nothing like they were in 1984. Just like the Yellow Pages. lol.