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The election of Donald Trump has thrown contemporary economic commentary into overdrive. It has also exposed the limitations of contemporary economic knowledge and comment.
Under the system we have today in which government spending picks winners and losers in the business world and hires massive amounts of people, we have amassed an unsupportable debt of more than $100,000 per person.
Despite promises to turbocharge the economy, Trump saw job losses in every year of his presidency – 2017, 2018 and 2019 – even when the disastrous COVID data of 2020 is excluded.
With trade deficits between many Asian countries and the United States, there are possibilities many countries may be targeted if Trump's objectives are to reduce bilateral deficits.
Democracy seems futile, up against Huge Australia. Not even 'extraordinary developments' are likely to budge this Albo-tross. What other tactics are available?
The neo-liberal consensus built in the postwar period contained the seeds of its own destruction. It was too dependent on the creation of institutions beyond people’s control and too reliant on elite mastery of events.
