As globalization unwinds, the world is still growing more unequal
You’re reading an excerpt from the Today’s WorldView newsletter. Sign up to get the rest free, including news from around the globe and interesting ideas and opinions to know, sent to your inbox every weekday. A year ago, White House national security adviser Jake Sullivan announced the advent of a new “Washington consensus.” The speech he delivered at a think tank then was something of a bombshell in the foreign policy community — a declaration by a senior U.S. official that the world’s leading superpower wanted to move on from decades of economic orthodoxy and unfettered globalization to a different arrangement between nations and their societies. The old “Washington consensus” was shorthand for a set of neoliberal policies and prescriptions put forward in the last decades of the 20th century by the International Monetary Fund and the World Bank, its sister organization. The diktats of these Washington-based institutions — mandating austerity, deregulation and privatization — prefigured a wave of globalization that crested into the 21st century. They undergirded a sense of the world bound together …