Interesting article by Robert Reich:
The state of Joe Biden’s union: The return to democratic capitalism
Reich claims that Joe Biden has restored the economic paradigm that governed from 1932 until the Reagan Administration. He's certainly correct that that Democratic Capitalism, or Market Democracy as it is sometimes called, governed American economic thinking in that period, and he's also correct that Reagan attacked it upon coming into office.
And he's also correct that Milton Friedman, when he was head of the Fed, aggressively attacked inflation. Indeed, Friedman was absolutely correct to have done so, and I wouldn't hold that Reagan's economic policies were wrong at the time.
Of note, some will site to St. Pope John Paul II the Great's encyclical Centesiumus Annus, issued in 1991, as support for a sort of Democratic Capitalism.
Reich's argument, while I'm not wholly convinced by any means, is an interesting one. In essence he argues that the economic system of 1932 to 1980 was the correct one, and the one we went to since that time is unjust.
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