Biden leads America back onto a world stage that is no longer the same
- America is no longer guaranteed the role of lead actor, nor is capitalism the hero and socialism just a bit player after China’s pandemic and economic success
- Biden will need to show humility, convince others the US model is still attractive and seek cooperation with Beijing
“The message is: America’s back,” Biden declared at a rally in Wilmington, Delaware. That is a welcome change indeed from Trump’s dismal isolationism. But the United States is coming back onto a stage where the actors and props have been moved during the interval, in readiness for a new act.
It is not a stage where America is any longer guaranteed the role of lead actor or where capitalism is the hero and socialism the bit player. It is, rather, one where rival players need to find a new modus vivendi and to cooperate for the benefit of the whole cast, the global community.
Four years have passed since the world came under the baleful influence of Trump as leader of the “free world”. That is not long in political terms (although it feels longer) but, still, a lot has changed since 2016 when Trump first bestrode the world like a destructive colossus.
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Government intervention in economic affairs (not exactly a symbol of doing things the so-called American way) has become very pronounced during the Trump years as governments spend trillions of dollars on propping up economic activity.
In a report last week titled “The State Strikes Back”, the European Bank for Reconstruction and Development said that this “reflects both the trend towards growing acceptance of state involvement and the increased expectations that are now being placed on the state.” The International Monetary Fund has expressed similar sentiments.
Economic systems and their stability (or sustainability) have been put to a severe test during the Trump era, chiefly by the pandemic but also by blows inflicted in a futile US attempt to reassert American economic supremacy (or “greatness”) through weakening competitor nations.
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To mention all this is not to further tarnish America’s reputation. This is one area where the Trump-led nation has done a “great” job on its own. But any attempt by Biden to reassert leadership on the basis of past US greatness once he comes on stage will be met with polite coughs.
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Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs