Trumpism as nationalist neoliberalism. A critical enquiry into Donald Trump’s political economy
Abstract
The article provides a critique of Trump administration political economy. The argument of the paper is that Trumpism can be conceived as a combination of an economic-nationalist vision of international trade relations and a strengthening of neoliberal macroeconomic policy at home. More specifically, while the global projection of the new US administration follows a ‘zero-sum game’ and conflictual vision of the international trade, with respect to the domestic arena the budget documents for 2018 and beyond demonstrate a strong commitment in favor of businesses and top incomes, e.g. in terms of welfare cuts, labor policy and tax reform. At the same time, while social expenditures decreased, the spending for defense programs increases. The article argues that Trumpism represents a further evolution of neoliberalism in terms of fiercer neoliberalizing policies combined with elements of economic nationalism – thus, Trumpism as nationalist neoliberalism.
References
Alden, E 2017, ‘The roots of Trump Trade Rage’, Politico, 16 January, viewed 20 October 2017, .
Atkinson, AB & Piketty, T 2010, Top Incomes. A Global Perspective, Oxford University Press, Oxford.
Autor, D, Dorn, D, Hanson, G & Majlesi, K 2016, Importing Political Polarization? The Electoral Consequences of Rising Trade Exposure, Working Paper, National Bureau of Economic Research, viewed 20 October 2017, .
Bruff, I 2014, ‘The Rise of Authoritarian Neoliberalism’, Rethinking Marxism: A Journal of Economics, Culture & Society, vol. 26, no. 1, pp. 113–129. https://doi.org/10.1080/08935696.2013.843250
Capehart, KW 2015, ‘Hyman Minky’s Interpretation of Donald Trump’, Journal of Post-Keynesian Economics, vol. 38, no. 3, pp. 477–492. https://doi.org/10.1080/01603477.2015.1075358
Chako, P & Jayasuriya, K 2017, ‘Trump, the Authoritarian Populist Revolt and the Future of the Ruled-based order in Asia’, Australian Journal of International Affairs, vol. 71, no. 2, pp. 1–7. https://doi.org/10.1080/10357718.2016.1266463
Cole, A 2018, ‘Poor and Powerless: Economic and Political Inequality in Cross-National perspective, 1981-2011’, International Sociology, vol. 33, no. 3, pp. 357–285. https://doi.org/10.1177/0268580918760430
Duménil, G & Lévy, D 2011, The Crisis of Neoliberalism, Harvard University Press, Cambridge.
Fabry, E 2017, ‘Trump Trade: More Bark than Bite?’, Policy Paper, Jaques Delors Institute, 21 April, viewed 5 January 2017, .
Gilpin, R 1981, War and Change in World Politics, Cambridge University Press, Cam-bridge.
—— 1987, The Political Economy of International Relations, Princeton University Press, Princeton.
Glyn, A 2006, Capitalism Unleashed. Finance, Globalization and Welfare, Oxford University Press, Oxford.
Harvey, D 2005, A Brief History of Neoliberalism, Oxford University Press, Oxford.
Kasten, R, Sammartino, F & Toder, E 1996, ‘Trends in Federal Tax Progressivity, 1980-1993’, in J Slemrod (ed), Tax Progressivity and Income Inequality, Cam-bridge University Press, New York, pp. 59–89.
Keohane, R 1984, After Hegemony. Cooperation and Discord in the World Political Economy, Princeton University Press, Princeton.
Keohane, R 1989, International Institutions and State Power: Essays in International Relations Theory, Westview Press, Boulder.
Keohane, R & Nye, J 1977, Power and Interdependence, Longman, New York [4th edition, 2012].
Kirkegaard, JF 2017, ‘Tax Overhaul Risks Making the US Tax and Transfer System (Even) More Regressive’, Policy Brief, Paterson Institute for International Economics, viewed 10 January 2018, .
Lynn, KA 1993, ‘Trends in income inequality: the impact of, and implications for, tax policy ’, in J Slemrod (ed), Tax Progressivity and Income Inequality, Cam-bridge University Press, New York, pp. 95–130.
Noland, M, Hufbauer, GC, Robinson, S & Moran, T 2016, ‘Assessing Trade Agen-das in the US Presidential Campaign’, Policy Brief, Paterson Institute for International Economy, viewed 7 November 2017, .
McNicholas, C, Shieroldz, H, Bivens, J & Costa, D 2017, ‘The first 100 days. President Trump’s top priorities include rolling back protections to workers' wages, health and safety’, Working Paper, Economic Policy Institute, viewed 6 November 2017, .
Morrison, JA 2017, ‘Bound to Not Lead: 2016 as Unexceptional Americanism’, working paper, London School of Economics, viewed 11 January 2018, .
Munro, M 2016, ‘Manufacturing Jobs Aren’t Coming Back. President-elect Trump’s promise to bring back production jobs ignores the realities of advanced manufacturing’, MIT Technological Review, viewed 25 November 2017, .
Oye, K 1986, Cooperation Under Anarchy, Princeton University Press, Princeton.
Piketty, T 2014, Capital in the Twentieth-First Century, Harvard University Press, Cambridge, London.
Piketty, T & Saez, E 2003, ‘Income Inequality in the United States, 1913–1998’, Quarterly Journal of Economics, vol. 118, no. 1, pp. 1–39. https://doi.org/10.1162/00335530360535135
Pomerleau, K & Potoski, E 2016, ‘Corporate income taxes around the world, 2016’, Tax Foundation, viewed 7 November 2017, .
Saad-Filho, A 2010, ‘Monetary Policy in the Neo-liberal Transition: A Political Economy Critique of Keynesianism, Monetarism and Inflation Targeting’, in B Jessop, R Albritton & R Westra (eds), Political Economy and Global Capitalism, Anthem Press, London, pp. 89–119.
Saad-Filho, A & Johnston, D 2005, Neoliberalism. A Critical Reader, Pluto Press, London and Ann Arbor.
Samuels, R 2017, Psychoanalyzing the Left and the Right After Donald Trump, Palgrave Macmillan, London.
Scott, RE 2017a, ‘Growth in the U.S.-China trade deficit between 2001 and 2015 cost 3.4 million jobs. Here’s how to rebalance trade and rebuild American manufacturing’, Working Paper, Economic Policy Institute, viewed 3 Novem-ber 2017, .
Scott RE, 2017b, ‘Trump Administration trade policy review misses the bigger picture’, Working Paper, Economic Policy Institute, viewed 3 November 2017, .
Shapiro, HS 2006, Fast Track: A Legal, Historical and Political Analysis, Transnational Publishers, New York.
Shierholdz, H, Cooper, D, Wolfe, J & Zipperer, B 2017, ‘Employers would pocket $5.8 billion of workers’ tips under Trump administration's proposed ‘tip stealing’ rule’, Working Paper, Economic Policy Institute, viewed 10 January 2018, .
Solt, F 2008, ‘Economic Inequality and Democratic Political Engagement’, American Journal of Political Science, vol. 52, no. 1, pp. 48–60. https://doi.org/10.1111/j.1540-5907.2007.00298.x.
Tansel, CB 2017, States of Discipline. Authoritarian Neoliberalism and the Contested Reproduction of Capitalist Order, Rowman & Littlefield, London.
US Government, Office of Management and Budget 2017a, Budget of the U.S. Gov-ernment. A New Foundation for American Greatness. Fiscal Year 2018.
US Government, Office of Management and Budget 2017b, Major Savings and Re-forms: Budget of the United States Government. Fiscal Year 2018.
Walczak, J & El-Sibaie, A 2017, ‘Details of the Senate Version of the Tax Cuts and Jobs Act’, Tax Foundation, viewed 15 November 2017, .
Full Text: pdf
Refbacks
- There are currently no refbacks.