Fear of communism and the Cold War threat led Republicans to support progressive taxation and social programs to demonstrate American superiority.
Racial conflicts, the Vietnam War, and the economic recession of the 1970s undermined the New Deal consensus.
The Soviet collapse validated free market thinking and accelerated the IT revolution, fueling neoliberal ideology.
Carter, influenced by Ralph Nader, initiated deregulation and smaller government policies, preceding Bill Clinton's full embrace of neoliberalism.
The crisis exposed corrupt banking practices and highlighted economic inequality, leading to scrutiny of neoliberal policies.
Agreements on China, tariffs, antitrust, and industrial policy show bipartisan convergence, breaking from neoliberal principles.
China's economic rise and technological advancements have led both parties to prioritize industrial policy and fair trade over free markets.
There is a growing skepticism of individualism and a push for a more moral economic foundation, challenging neoliberal values.
Our politics are increasingly divided on fundamental issues like the legitimacy of elections and the nature and integrity of the basic systems of American government. That’s the most important fact of this election. But strange new zones of agreement have been emerging, too — on China, outsourcing and health care. What should we make of that?
In his book “The Rise and Fall of the Neoliberal Order)” the historian Gary Gerstle describes these shifts in consensus in terms of political orders — these eras that stretch for decades, when both parties come to accept a certain set of ideas. In this conversation he walks me through the political, economic and social factors that shaped two political orders in the last century: the New Deal order and the neoliberal order. And we apply this lens to what’s happening in our politics right now.
It may seem strange to take a step back in time right before the election. But I think Gerstle’s framework helps uncover an overlooked dimension of the 2024 race and where politics might go next.
Book Recommendations:
The Kingdom, the Power, and the Glory) by Tim Alberta
Underground Asia) by Tim Harper
The Known Citizen) by Sarah E. Igo
Thoughts? Guest suggestions? Email us at [email protected].
You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast). Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs).
This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact0checking by Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith, Michelle Harris and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser.
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