The American Industrial Consensus and Its Enemies

The article analyses a fundamental shift in the philosophy of U.S. economic policy implemented by the administration of President Biden in the so-called "Bidenomics". It is shown that Biden's economic policy, despite sharp contradictions with the policy of D. Trump, continues the course of the previous U.S. president on protectionism and the safeguarding of American industry. Bidenomics embodies a final break with the fundamental principles of Reaganomics and the "Washington Consensus", which for more than 40 years defined the global economic order. The economic ideology of protectionism and industrial policy is gaining more and more adherents among representatives of the U.S. scientific and political establishment, even among former proponents of neoliberalism. The arguments of Bidenomics opponents, represented by advocates of neoliberal ideology who see danger in the bipartisan consensus on the issue of industrial policy, are analysed. The essence of their criticism boils down to fundamental rejection of the apparent collapse of globalisation and the formation of a new model of the global world order, which requires a different value-based economic paradigm.

USA, neoliberalism, bidenomics, industrial policy, protectionism, inequality, reindustrialisation, Washington Consensus, free trade