Biden is the first President in decades to treat government as the designer and ongoing referee of markets, rather than as the corrector of markets’ dislocations and excesses after the fact. He doesn’t speak of free trade and globalization as economic ideals. His approach to combatting climate change involves no carbon taxes or credits—another major departure, not just from his predecessors but also from the policies of many other countries. His Administration has been far more aggressive than previous ones in taking antitrust actions against big companies.

Another way of thinking about Biden’s approach is through terminology devised by the political scientist Jacob Hacker: it rejects redistribution as a guiding liberal principle, in favor of “predistribution,” an effort to transform the economy in a way that makes redistribution less necessary.