The free market economy is supposed to be one of the pillars of American society. Yet in the past decade we have seen successive US administrations continuously interfere with the market.From bailing out the banks to trade tariffs, the US under Obama, Trump and now Biden has ensured that the vagaries of the market do not allow themselves to run their full course.Yet the latest moves by the Biden administration, together with the US Congress, shows that the US does not practice what it preaches.
Among others, American scholars themselves have suggested that the act not only undermines fundamental principles of US society but also, according to someone like Michael D Swaine from the Quincy Institute for Responsible Statecraft, “epitomises the worst errors of the new Washington ‘consensus’ on what a rising China supposedly means for the United States and the world”.
Despite a Democrat being in the Oval Office, the international community is being fast pushed, once again, into the bipolar days of the Cold War. The free market economy is dead. In fact, some would even argue that it never existed and neither has it been the reason for China’s ascent and resilience.