The so-called Washington Consensus touts the benefits of free trade and fiscal discipline, and looks like a trash bin of history.
That’s President Donald Trump launched a staggering trade war and pushed for a tax and spending bill with Republican support that would add trillions of dollars in deficits.
Meanwhile, Democrats continue to work hard as they continue to roll up from Trump’s brand of populism, which brings him back to the White House. The turmoil points to a conflict between the vision of competing between new economic consensus.
Mark Blyth, a political economist at Brown University, believes that the economy is in epoch-making changes, although the main economic order has not yet been fully formed.
“The global economy is getting hardware modifications and trying new operating systems – effective, full restart, we haven’t seen it in nearly a century,” he said, ” Written in Atlantic last week. “To understand why this happens and what it means, we need to give up any fantasy that populism and economic nationalism that the world turns to the right is just a temporary mistake and that everything will eventually return to the relatively benign world of the late 1990s and early 2000s.”
This weekend, high-tech leaders Elon Musk and Sam Altman expressed dissatisfaction with the current bipartisan system, and the loss was on display this weekend.
Saturday, Musk announces that he will form a new political partyThe law has just been signed after a dispute with Trump.
“When it comes to waste and grafting that destroys our country, we live in a partisan system, not a democracy,” Musk said. Posted on X Saturday. “Today, the American Party was established to keep you free.”
CEO Tesla and SpaceX Warned earlier “Debt slavery” Criticize from the Tax and Expenditure Act EV and solar tax credits Relative to oil and gas incentives.
Similarly, Openai CEO Sam Altman Posted on X On Friday, the Democrat got lost and he is now “politically homeless.”
He also seems to refer to the New York City mayoral candidate Zohran Mamdanihe said last week: “I don’t think we should have billionaires.” Ultraman said: “I would rather hear from candidates, how they will make everyone have billionaires stuff than how to eliminate billionaires.”
At the same time, he improved his vision.
“I believe in technological capitalism,” Ultraman wrote. “We should encourage people to make a lot of money and then find ways to distribute wealth widely and share complex magic. One without another doesn’t work; you can’t raise the floor, or raise the ceiling for a long time.”
Bryce believes that the new economic order is not yet obvious, because the idea of domination is still under debate.
He described Maga Vision as a combination of manufacturing in the 1950s, immigration and labor trends in the 1940s, and foreign policy in the 19th century “field of influence.”
Then “The Enlightenment of Darkness“The wing of Silicon Valley billionaire imagines an economy not to return to the glorious past of the hard hat industry, but to the post-future economy of automation and space exploration,” Blyth said.
At the same time, Democrats seem to still represent the status quo of institutionalism, he added, although Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders are pushing for another option for left-wing populism.
The third democratic vision is “Abundant” agendaseek lower regulation of lower economic vitality and promote growth policies.
The intra-party crosscurrents were highlighted recently when Mamdani, a self-described democratic socialist, stunned the Democratic establishment last month when he won the city’s primary with his own brand of popularity that includes making bus service free, freezing rents on rent-stabilized apartments, nearly double the minimum wage to $30, building city-owned grocery stores, and hiking taxes on the top 1% of earners in the city.
By contrast, California Governor Gavin Newsom and democratic allies in Fortress of Freedom passed reforms to the landmark environmental law last week that would make it easier to build more housing as state leaders acknowledge the need to face high costs to increase supply.
“A new economic order is taking shape, which means it is not fixed and can still be shaped,” Bryce wrote. “But time has run out. It’s as chaotic as a return to modernization, and if we don’t think of the dominance of what the economy is and who it is, it will win the day.”
