More balance needed in Biden’s international economic policy vision

THERE is much to admire in the international economic policy of US President Joe Biden’s administration.

It has emphasised multilateralism, in contrast with its predecessor’s bellicose bilateralism. The administration rightly underscores that the US must protect national security, of which economic welfare is a key component, and that US openness and globalisation have had beneficial, but also adverse, impacts. It appreciates that strong international economic policy begins at home.

Recognising that private markets may not supply public goods well, the administration commendably pushed through legislation to begin tackling the US’ crumbling infrastructure and deficient climate policies. Whether one agrees, it has transparently said what it thinks about more worker-centrist approaches.