A few weeks ago, I debated Julius Krein, editor of
American Affairs, on trade, industrial policy, and the future of the American economy. It was, I think, a telling and informative discussion (uncomfortable masks notwithstanding), and I invite you to watch the whole thing if you’re interested in the current debate about “free market fundamentalism” and the right’s recent embrace of economic interventionism. Toward the end, Krein and I got hung up on a point that I (incorrectly) assumed was relatively anodyne the value of foreign direct investment (FDI) in the U.S. economy, regardless of its form (foreign companies acquiring existing U.S. assets or the “greenfield” creation of new ones). I was going to let the issue go, but then saw the claim that foreign acquisitions should be disregarded as valueless “non‐investing” repeated elsewhere in another New Right critique of the allegedly problematic state of American investment (foreign or domestic) in th
Stonktaking
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The Suez Canal Debacle Reveals Less--and More--about 'Globalization' Than You Think
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Dear Capitolisters,
An increasingly common tactic on the populist right is to label skeptics of new government programs (protectionism, subsidies, etc.) “free market fundamentalists” who dogmatically oppose any and all government regulation and believe in the perfection of free markets (or whatever). The ploy is hardly new Wikipedia (citing the U.N.!) notes that the term is a common pejorative that’s been employed by pro-“interventionist” lefties like Joseph Stiglitz, Paul Krugman, and George Soros but it’s recently become the go‐to label for many on the nationalist right who have long championed protectionist and other market‐skeptical policies or who see the Rise of Trump as their golden ticket to political power and, perhaps, even riches. Indeed, one can hardly read an op‐ed by or article about these up‐and‐coming policy entrepreneurs without encountering some form of “market fundamentalist” rhetoric, which is used to quickly brush a
A Reality Check on the Pandemic, Supply Chains and Our 'April 2020 Mindset'
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