The Wreckage of Neoliberalism

For millions of Americans—especially those who don’t live in the high-income urban mega-economies—it feels like life itself is unspooling.

This sense of dislocation is what Donald Trump’s politics of grievance seized upon when he launched his campaign for the presidency in 2015. He offered easy scapegoats—immigrants, Muslims, and economic elites—to blame for the loss of meaning and economic autonomy felt by many Americans. He signaled an intent to break America apart from the world economy and the international order. He railed against the technology companies that had seemed to replace families and churches as the new enforcers of moral order. Tragically, it worked. And frankly, given that Trump is running even with President Joe Biden in a hypothetical 2024 matchup, it’s still working.

In essence, what Trump is attacking is neoliberalism. Economic neoliberalism underpins the past 70 years of Western economic and cultural order. Broadly speaking, neoliberalism argues that barrier-free international markets, rapidly advancing communications technology and