Neoliberalism: dead, alive, or both?

Branko Milanovic makes the important distinction between international neoliberalism (aka ‘free’ trade, the opposite of mercantilism) and domestic neoliberalism (downsizing the state). They don’t always go together:

The domestic part of the standard neoliberal package will, if anything, only be reinforced under Trump. This is already apparent in his hopes to reduce personal income taxes, deregulate practically everything, allow much greater exploitation of natural resources, and push privatization of government functions further, essentially doubling down on all the domestic precepts of neoliberalism. We would thus have something contradictory only in appearance: increased mercantilism internationally with increased neoliberalism at home — in other words, the very opposite combination of China’s policies.

Read more here.