The global economy is undergoing rapid transformations that are reshaping the geopolitical landscape. At the heart of these transformations is the crisis of economic liberalism in the United States, which has long been the ideological incubator of global capitalism. For decades, the free market and the institutional framework of the American economic system have constituted the foundation of Western hegemony, with economic globalization shaped by an American perspective based on open trade, market supremacy, and a diminished role for the state in regulating the economy. However, the current reality suggests that this model is no longer immune to challenges that threaten its sustainability. This raises questions about whether we are witnessing a decline in the principles and foundations upon which this economic liberal doctrine was founded, or whether the matter is merely part of a temporary correction or recalibration of the economic balance before it returns in new forms in the future.

The accelerating rise of protectionism in US policies is not a sudden deviation from traditional capitalism, but rather a reflection of deeper structural shifts that reveal the failings of the liberal model itself. Under the Trump administration, these policies have taken on more pronounced dimensions, as Washington has adopted an aggressive approach to free trade by imposing tariffs on imports and adopting protective measures to support domestic industrial sectors. This has prompted counter-reactions from major economic powers, most notably China. This confrontation has pushed the international trading system to a state of stagnation, with the dispute resolution mechanisms of the World Trade Organization faltering, reminiscent of the economic crisis scenarios that led to the global recession of the 1930s.

On an intellectual level, this shift revives debates about the ability of markets to regulate themselves without state intervention. This is the same question that arose following the 2008 global financial crisis, when the US economy demonstrated unprecedented vulnerability to financial turmoil, forcing the federal government to intervene to rescue major financial institutions through unconventional expansionary monetary policies. This intervention was not merely an emergency measure; it marked the beginning of a gradual shift away from traditional beliefs about the free market economy. It became clear that markets are not always capable of correcting their imbalances on their own, and that the state remains the only actor capable of managing major balances during times of crisis.

Alongside the financial crises, the structural crisis of American capitalism has been exacerbated by the widening income gap between social classes. Decades of liberal policies have eroded the middle class, the backbone of economic and political stability in the United States. With social polarization deepening, popular anger has become a primary fuel for the rise of populist movements, which have found in anti-globalization rhetoric a means of attracting voters who feel the economic system no longer works for them. This sense of economic deprivation is not merely the product of domestic policies; it has also been influenced by the profound technological transformations imposed by the Fourth Industrial Revolution. Automation and artificial intelligence have displaced millions of traditional jobs, increasing the vulnerability of working classes and exacerbating the inequality crisis.

US economic policies are no longer limited to their domestic impact; they have become a major determinant of global economic trends, especially given the unprecedented interconnectedness of international markets. The trade wars launched by the United States in recent years have revealed the complexity of the global economy, with protectionist policies no longer able to protect local markets from the repercussions of external disruptions. The economy is no longer governed by geographical borders; rather, it has become a complex network of transnational supply chains, meaning that any disruption to any one component quickly reverberates beyond the borders of a single country. This reality calls into question the feasibility of unilateral economic policies and confirms that global economic interconnectedness no longer allows isolationist policies without a high cost.

However, the end of economic liberalism in America does not necessarily mean a complete collapse of the capitalist model, as much as it reflects a reshaping of the economic power equation. The United States is unlikely to completely abandon free-market principles, but it may move toward a more flexible model that combines state intervention when necessary with market dynamics in stable times. In this context, we may witness a rise in the role of directed industrial policies, as the state becomes more effective in formulating economic strategies that take into account global changes, rather than simply managing crises from a reactive perspective.

Ultimately, what is taking place today is not merely a change in economic policies, but rather a shift in economic thought itself. There is an urgent need to review the assumptions that have governed the capitalist system over the past decades. The question, therefore, is not whether economic liberalism will end, but rather how it will evolve, and in which direction the United States will redefine its role in the global economic system. The economy is not a static entity, but a living organism that evolves in accordance with political, social, and technological changes. If the liberal system has demonstrated an erosion in its ability to respond to these changes, the alternative will not be a return to traditional protectionist policies, but rather the formulation of a new model that balances the market and the state, economic openness and social protection, and global competitiveness and domestic justice.

The final chapters of the story of economic liberalism may yet be written, but it is clear that the narrative is no longer the same. The global economic system is in labor pains, as the economy can no longer be managed with a 20th-century mindset, while the challenges of the 21st century require new tools and more integrated strategies. In this context, the debate cannot be reduced to the decline of American economic liberalism alone. Rather, we must consider the broader picture: how will the global economic order be reshaped in an era in which rising powers are rewriting the rules of the game?