Yellen links trade to value in bid to reset global framework via IrishTimesBiz
Janet Yellen, the US Treasury secretary, did something important and, for the most part, underreported last week. She relinked trade to values.
In the future, US trade policy would no longer involve merely leaving markets to their own devices, but rather would uphold certain principles – from national sovereignty and a rules-based order to security and labour rights. As she put it, America’s objective should be not just “free but secure trade”.
Yellen coined a new word for this post-neoliberal era: “friend-shoring”. The US would now favour “the friend-shoring of supply chains to a large number of trusted countries” that share “a set of norms and values about how to operate in the global economy”. It would also seek to create principles-based alliances in areas like digital services and technology regulation, similar to last year’s global tax deal .This isn’t America Alone or even America First.
Neoliberals wanted to fix these issues by connecting global markets. They believed that if capital and trade were connected via a series of institutions that could float over individual nation states, the world would be less likely to descend into anarchy.
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