The global Covid response was the turning point in public trust, economic vitality, citizen health, free speech, literacy, religious and travel freedom, elite credibility, demographic longevity, and so much more. Now five years following the initial spread of the virus that provoked the largest-scale despotisms of our lives, something else seems to be biting the dust: the postwar neo-liberal consensus itself. 

The world as we knew it only a decade ago is on fire, precisely as Henry Kissinger warned in one of his last published articles. Nations are erecting new trade barriers and dealing with citizen uprisings like we’ve never seen before, some peaceful, some violent, and most that could go either way. On the other side of this upheaval lies the answer to the great question: what does political revolution look like in advanced industrial economies with democratic institutions? We are in the process of finding out. 

Let’s take a quick march through modern history through the lens of US-China relations. From the time of China’s opening in the 1980s to the election of Donald Trump in 2016, the volume of trade imports from China only grew, decade after decade. It was the most conspicuous sign of a general trajectory toward globalism that began following the Second World War and accelerated with the end of the Cold War. Tariffs and trade barriers fell ever more, as dollars as the world reserve currency filled the coffers of world central banks. The US was the global source of liquidity that made it all possible. 

It came at a huge cost, however, as the US through the decades lost its manufacturing advantages in dozens of industries that once defined the American commercial experience. Watches and clocks, pianos, furniture, textiles, clothing, steel, tools, shipbuilding, toys, household appliances, home electronics, and semiconductors all left US shores while other industries are on the rocks, most especially cars. Today, the much-celebrated “green energy” industries seem fated to be outcompeted as well.