Miguel Afonso Caetano<p>"Finally, in the 1970s, a group of people on the right and left, today known as neoliberals, attacked New Deal controls over finance and the corporation as silly. They argued, in an age of “microchips, robots, and computers,” mucking around with making things like t-shirts and steel was foolish.</p><p>This argument came into politics through both sides of the aisle. The Reagan administration was run by Wall Street, with men like banker William Simon and Chicago Schooler Robert Bork organizing policy. But it was preceded by Jimmy Carter’s deregulation of shipping, banking, trains, buses, trucking, airlines, energy, and even skiing, and his appointment of Wall Street-friendly Fed Chair Paul Volcker.</p><p>In 1980, the Democratic-led Senate Joint Economic Committee published a report titled Plugging in the Supply Side. Lloyd Bentsen, who later became Bill Clinton’s Treasury Secretary during the NAFTA fight, authored it. Everyone from Paul Tsongas, to Gary Hart to Robert Reich bought this frame, as did magazines like The New Republic. By 1980, neoliberalism had become consensus. Ted Kennedy, Jimmy Carter’s ostensibly “liberal” nemesis, fought to go further than Carter in ending rules on airplanes, and Ralph Nader aligned with Citibank on deregulating finance. Many of the unions, with the exception of the Teamsters, bought into deregulation.</p><p>The consequences were immediate. The U.S. manufacturing base took a major hit as the trade deficit exploded under Ronald Reagan. Bill Clinton continued and expanded it, focusing on high-technology pursuits and a “Bridge to the 21st Century.” When you think about it, that’s weird. How can a nation keep importing more than it exports, on a permanent basis? Why would trade partners keep sending them stuff? The answer is in the part of the story that the proponents of this model suggest, which is services."</p><p><a href="https://www.thebignewsletter.com/p/monopoly-round-up-tariffs-abundance" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">thebignewsletter.com/p/monopol</span><span class="invisible">y-round-up-tariffs-abundance</span></a></p><p><a href="https://tldr.nettime.org/tags/USA" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USA</span></a> <a href="https://tldr.nettime.org/tags/Tariffs" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Tariffs</span></a> <a href="https://tldr.nettime.org/tags/Neoliberalism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Neoliberalism</span></a> <a href="https://tldr.nettime.org/tags/Protectionism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Protectionism</span></a> <a href="https://tldr.nettime.org/tags/Manufacturing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Manufacturing</span></a></p>