The Reagan-Thatcher movement began more than 40 years ago. There have been lower taxes. Unions were wiped out. Markets were opened up, and capital from around the world was let loose. Nevertheless, the economic pendulum is moving. And in recent weeks, it has been very evident that anything even vaguely connected to downstream theory is now political kryptonite.

The most notable instance, of course, is the opposition to British Prime Minister Liz Truss’ proposal to lower taxes for the wealthy following the announcement of significant spending on energy subsidies. Now that aesthetics is out of the question, the Prime Minister’s leadership is in peril.

But other countries are also struggling with the effects of neoliberalism. A top Biden administration official I recently spoke with informed me that numerous CEOs are currently visiting Washington and requesting “a signal from the government – where should we invest? Should we be in Mexico or Vietnam? What industries do you wish to work in?

The White House has already started the shift toward a post-neoliberal age, and much of the corporate community is preparing for that as well, even though the government has not yet decided who will win and lose. A de-globalizing world with more regulation, more state control, and a bigger workforce could not be appealing to CEOs. But as long as they are aware of the market’s laws, they can typically find a way to profit.

What then are the new guidelines?

 Recently, the Biden administration unveiled a detailed plan for the type of economy it envisions, outlining five key elements. First, it aimed to give workers more power by using federal money to encourage union activity. Another is to make the most of fiscal policy in a divided Congress to aid families working in industries like health care and childcare, which are becoming more and more unaffordable for many Americans.

However, as Gina Raimondo, the secretary of commerce, informed me a few months ago, the government must do more than just reduce taxes and redistribute income. The supply-side management of the private sector is something that this administration aims to influence more. He wants to promote making things, in particular, not buying them.