BIDENOMICS: ANOTHER VICTORY OF STATE INTERVENTIONISM (SEVERAL ECONOMIC-SOCIOLOGY AND POLITICAL-ECONOMIC ASPECTS)

Abstract

The economic-sociological and political-economic determinations of the administration of President Biden are known as Bidenomics. The activation of state interventionism in overcoming the economic-sociological problems still faced by the American society and the American state during the term of Biden, from January 20, 2021 to today, should be mentioned as the most essential feature of those determinations. The Biden administration actually continued the trend of revitalization and strengthening of state interventionism in the economic-sociological area and in the political-economic area. A trend that most openly began to manifest itself when facing the challenge of the American and then the global financial and economic crisis from August 2008. That trend then continued with the necessity of overcoming the consequences of the pandemic crisis with the SARS-CoV-2 virus and the CoVID-19 disease. And finally, in these current moments, that trend is enhanced by the necessity of overcoming the problems and the crisis with the growth of inflation and its destructive consequences on the whole of social relations, both at the American and global level. The revitalization and growth of the power of state interventionism in the economic- sociological and in the political-economic area substantially presupposes and implies the same decline in the relevance and power of the free market economy, that is, the neoliberal economy and Reaganomics. Bidenomics in its structure, generally speaking, consists of Legislative Acts (Rescue Act, Infrastructure Investment and Jobs Act, CHIPS/Creating Helpful Incentives to Produce Semiconductors and Science Act, Inflation Reduction Act) and Plans and Legislative Strategies (Jobs Plan, Plan for Families, Build Back Better Act).