The banknote of U.S. dollars. /Getty

The banknote of U.S. dollars. /Getty

Editor’s Note: Dani Rodrik, professor of International Political Economy at Harvard University’s John F. Kennedy School of Government, is the author of “Straight Talk on Trade: Ideas for a Sane World Economy.” The article reflects the author’s opinions, and not necessarily the views of CGTN.

The economic-policy conversation in the United States has been thoroughly transformed within the space of just a few years. Neoliberalism, the Washington Consensus, market fundamentalism – call it whatever you want – has been replaced with something very different.

In macroeconomic policy, debt and inflation fears have given way to a preference for over-stimulating the economy and downplaying the risks to price stability. As for taxation, the tacit acquiescence in a global race to the bottom…

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