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Hi, I'm Ravi Agarwal, Foreign Policy's editor-in-chief. This is FP Live.

Welcome to the show. Last month, when news emerged that the American economy grew by 2.4% in the second

quarter of 2023, U.S. President Joe Biden responded by saying that the results were, quote,

Bidenomics in action.

Biden has reason to be pleased.

Apart from the faster than expected growth, inflation has begun to cool and the chance of a recession this year has declined.

Now, Bidenomics is rooted in a belief that the best way to grow the economy is

from the middle out and the bottom up. You'll hear his team use that phrase a lot. But

Bidenomics has also been a sweeping foray into industrial policy and protectionism,

with the administration prioritizing domestic manufacturing

and bringing jobs back home. According to Biden's top advisors, unfettered globalization and

subsidies for big companies have led to a hollowing out of the American industrial base.

Bidonomics is meant to be a correction, but there are

important critiques of that approach as well, that subsidies for industrial policy can often

encourage inefficiency and even corruption, that self-sufficiency might be a myth, and that

protectionism will hurt global trade and smaller countries. And on top of that,

...