The neoliberal model is under review: this is how a new global economic order is being cooked up

The neoliberal model is under review: a new global economic order is being cooked up The idyllic setting of the Landgut Stober conference hotel, on the outskirts of Berlin, serves as the backdrop for bringing together prominent economists of international renown in a meeting that seeks to address the challenges facing the global economy in the 21st century. The financial crisis of 2008 marked a turning point by exposing the flaws of the neoliberal paradigm that had dominated economic policy for decades. The overestimation of market efficiency and the reduction of the role of the state in the economy have revealed serious deficiencies in areas such as health and supply chains. As Western countries struggle to recover from successive crises, from the financial to the pandemic, the need to rethink the current economic approach becomes evident. The climate emergency, rising inequality, and the erosion of the middle class are just some of the urgent challenges that require innovative and effective responses. The economists gathered at these meetings agree on the need for a new theoretical basis to underpin future economic policies. The failure of the theories that supported neoliberalism has opened the door to exploring new economic models adapted to current challenges. The imaginative monetary policy implemented by central banks and the acknowledged mistakes by institutions like the IMF are indicative of a paradigm shift in progress. The Forum for a New Economy warns of the danger of populism as a response to the lack of solutions from the political class, emphasizing the importance of providing solid answers to citizens. The resurgence of protectionism and economic competition between the United States and China are signs of a shift in global trade relations. Trade policy has become an instrument for income redistribution and a struggle for technological supremacy, with implications both economic and military. The European Union seeks to balance its trade relations with China while strengthening its production capacity and diversifying its supply chains for greater security. The shift towards greater state intervention in the economy, driven by industrial policy and energy transition, reflects a significant change in the role of governments. Massive investments in infrastructure, climate change mitigation, and increased defense spending are part of this new economic approach. "Bidenomics" in the United States, with ambitious plans for public investment and support for the middle class, emerges as a possible model for the new economic paradigm under construction. As industrial policy becomes a fundamental pillar of the economy, debates arise about funding increased public spending and the limits of state intervention in private companies. Examples like the Spanish government's involvement in Telefónica raise questions about the extent of state presence in the economy. The economic future appears uncertain, but movements towards a new economic model are unstoppable and promise significant transformations in the global landscape. Amid the uncertainty and challenges facing the global economy, the search for a new economic order emerges as an urgent necessity. As the contours of an evolving economic paradigm are being outlined, collaboration between experts, governments, and international actors becomes essential to address the complex challenges of our time. The path towards a new global economic order is envisioned as a process of redefinition, adaptation, and transformation that will require a collaborative and visionary approach to forge a sustainable and equitable future for all.