Mainstream Economic Myths Are Disastrous for US Policy

After decades of domination by the neoliberal consensus, Washington has started to break with that paradigm under recent presidential administrations, including Joe Biden’s and Donald Trump’s. Their embrace of tariffs and efforts to rebuild domestic manufacturing capacity are a departure from previous policy orthodoxy, inspired in part by the rise of China as an economic and geopolitical powerhouse and, in Biden’s case, by the challenge of climate change. James K. Galbraith is the Lloyd J.…