“Washington had it all figured out. And this confidence spilled over into more than trade deals. Champions of cutthroat capitalism pushed former Soviet states to privatize as quickly as possible, despite the risk of corruption. They looked the other way as China manipulated its currency to advance its own interests and undercut work done here in America. Washington technocrats backed austerity, deregulation, and privatization around the world. As one crisis after another hit, the economic security of working people around the globe was destroyed, reducing public faith in both capitalism and democracy. Policymakers promised that open markets would lead to open societies. Wow. Did Washington get that one wrong. Efforts to bring capitalism to the global stage unwittingly helped create the conditions for anti-democratic countries to rise up and lash out. Russia has become belligerent and resurgent. China has weaponized its economy without loosening its domestic political constraints. And over time, in country after country, faith in both capitalism and democracy has eroded. A program once aimed at promoting the forces of freedom ended up empowering the opposite.”
Warren is proposing to break the grip of billionaire campaign donors and corporate interests on US foreign policy.