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Biden’s New Washington Consensus in a Trumpian World

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  • Michael Lloyd

    (Global Policy Institute)

Abstract

In April 2023, Jake Sullivan, in a speech to the Brookings Institute, formally announced the replacement of what had become known since the1990s as the Washington Consensus with a New Washington Consensus. This paper defines and briefly describes the original Washington Consensus. It goes on to describe and discuss in detail the New Washington Consensus and its implications. Finally, the paper outlines the potential Trump approach to this specific Biden legacy, whether or not acknowledged. The broad geoeconomic and geopolitical implications of the unwinding of what is likely to transpire are explored briefly in the context of the Trump Presidency.

Suggested Citation

  • Michael Lloyd, 2025. "Biden’s New Washington Consensus in a Trumpian World," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 53(1), pages 19-35, June.
    • Handle: RePEc:kap:atlecj:v:53:y:2025:i:1:d:10.1007_s11293-025-09821-7
    DOI: 10.1007/s11293-025-09821-7
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    References listed on IDEAS

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    1. Daron Acemoglu & Pascual Restrepo, 2019. "Automation and New Tasks: How Technology Displaces and Reinstates Labor," Journal of Economic Perspectives, American Economic Association, vol. 33(2), pages 3-30, Spring.
    2. Grier, Kevin B. & Grier, Robin M., 2021. "The Washington consensus works: Causal effects of reform, 1970-2015," Journal of Comparative Economics, Elsevier, vol. 49(1), pages 59-72.
    3. Michael Lloyd & Chris Dixon, 2022. "A future multipolar world," Global Policy, London School of Economics and Political Science, vol. 13(5), pages 818-827, November.
    4. Michael Spence, 2021. "Some Thoughts on the Washington Consensus and Subsequent Global Development Experience," Journal of Economic Perspectives, American Economic Association, vol. 35(3), pages 67-82, Summer.
    5. Peck, Jamie, 2017. "Offshore: Exploring the Worlds of Global Outsourcing," OUP Catalogue, Oxford University Press, number 9780198727408.
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