Economists have enjoyed significant influence over U.S. economic policy since the Great Depression. In Bill Clinton’s presidency (1993-2000), economist influence may have reached a peak. With Larry Summers and Bob Rubin at Treasury, Robert Reich at Labor, and Martin Baily at the Council of Economic Advisers, economists were seemingly everywhere in Washington. Bill Clinton even created a new agency, the National Economic Council, to combine and coordinate the advice of his multitude of economic advisers.

One result of all these policy-making economists was that free trade became the dominant economic philosophy of Clinton’s and subsequent administrations. Free trade, they argued, would make the U.S. economy more competitive, lift poor nations out of poverty, reduce the cost of imports, and increase U.S. influence in the world. NAFTA was ratified and adopted, and China joined the WTO and the world trading system. Globalization became a sort of house religion for academic economists, with polls of professors showing 99% support for free trade.

But the tide has turned. Several of America’s best-known economists have openly criticized free trade and globalization. Economic theory is finally beginning to recognize reality.

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