A Distinctly Post-Neoliberal Shift
The Indo-Pacific Economic Framework for Prosperity (IPEF), announced by the Biden administration this week, is not like international agreements of years past.
“For the past 40 years, international agreements have been governed by what is known as the Washington Consensus, in which international policymakers privileged trade openness and volume above all,” Roosevelt’s Steph Sterling writes.
IPEF, which will initially include 12 other countries, marks a distinctly post-neoliberal shift—an acknowledgment that markets alone can’t solve our collective problems.
The agreement builds on last year’s Cornwall Consensus, proposed by the G7 Economic Resilience Panel that Roosevelt President and CEO Felicia Wong served on last year.
And it will use “the power of international agreements to create shared, high-road labor standards; commitments on clean energy and decarbonization targets; systems to build more resilient global supply chains; and a shared approach to corporate tax and anti-corruption regimes,” Sterling explains.
Read more in “The Indo-Pacific Economic Framework for Prosperity (IPEF): Another Nail in the Coffin of the Washington Consensus.”
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