The Neo-Liberal Consensus Is Coming Apart

The global response to Covid-19 marked a turning point in public trust, economic vitality, and citizen health, and also led to a reevaluation of the postwar neo-liberal consensus. The world is experiencing a shift away from globalism, with nations erecting new trade barriers and dealing with citizen uprisings. The US-China trade relationship is a key example of this shift, with the volume of trade imports from China growing steadily from the 1980s to 2016, but then declining sharply in 2018 due to Trump's tariffs. However, the Covid-19 pandemic led to a reversal of this trend, with the US relying heavily on Chinese-made supplies, including PPE. This reversal was short-lived, and the US is now moving towards a more protectionist trade policy. The Smoot-Hawley Tariff Act of 1932 is often cited as a cautionary tale about the dangers of protectionism, but some argue that the current situation is different. The postwar neo-liberal order, which emphasized free trade and cooperation between nations, is being challenged by populist movements and a growing sense of nationalism. The idea of global government, which has been advocated by some intellectuals for centuries, is being reexamined in light of the failures of globalism. The nation-state, which has been the dominant form of government since the Renaissance, is being challenged by global forces that are beyond the control of citizens. The current situation is marked by a growing sense of unease and uncertainty, as the world navigates a new era of trade tensions and global instability.