Liberalism Versus Neoliberalism: The Social Revanche of “Bidenomics”

The article explores the conditions and origins of the rise and fall of neoliberal economic doctrine in the United States. Its relevance stems from the conceptual challenges of justifying and implementing the economic policies of the Biden administration in light of the continued influence of neoliberal thinking. Based on a historical and logical analysis of doctrinal principles, it is argued that the use of the term “neoliberalism” to describe a set of neo-conservative and libertarian ideas is inaccurate and contentious. The popularity of neoliberal doctrine in the early 1980s was driven by the crisis in the ideals and practices of progressive liberalism derived from the Keynes-Roosevelt era of the mid-20th century. The article examines the economic memes of liberalism, with a particular focus on the “trickle-down” economic policy approach. Biden’s economic policy, commonly referred to as “Bidenomics,” can be described as a return to the ideals and practices of progressive American liberalism. The tax policies of the Biden administration represent a significant deviation from neoliberal principles, with increased regulatory oversight of the economy and a focus on increased collaboration with trade unions. Additionally, the administration has implemented a full-fledged industrial policy aimed at reindustrializing America, particularly in high-technology sectors. Alternative economic policy — “ trumponomics” — is fundamentally opposed to neoliberalism despite some similarities with the latter, such as deregulation and tax cuts. However, the industrial policy of the Trump administration, primarily in the form of protectionist measures to safeguard the domestic market for domestic industry, has proven to be more advantageous for medium-sized rather than high-tech companies. The apparent “Trump-Biden consensus” on industrial policy and protectionism, from the perspective of neoliberals, represents a departure from the “free market” ideal, but in reality it confirms the inadequacy of neoliberal policies for addressing the urgent challenges of contemporary economic development in the United States.