James David Vance, who enters the presidential race as his candidate vice-president (Donald Trump) in the upcoming presidential election in , turns out unexpectedly progressive supporter of workers’ rights and corporate regulation, according to a German press report. Trump’s U.S. vice president candidate supports unions and fights for higher minimum wages. He wants to prohibit companies from repurchasing shares and guaranteeing employees six-month wages in the event of company bankruptcy. He would also like to split up the major technology companies, while having brought to the table even higher corporate taxes in the game. J. D. Vance represents a new economic ideology spreading to the Republican Party for some time: the “new conservative economic populism”. This completely contradicts the previous ideals of the free market party and a simple state With Vance’s appointment as his vice president, Trump gave greater importance to this new stream. If Trump wins the election in November, this economic ideology could find its way to the White House. In addition to Vance, new current supporters include Florida Senators Marco Rubio, Josh Hawley of Missouri and Tom Cotton of Arkansas. In part, many of their ideas can also be found in the policies of the present Biden government. A leading voice of “new conservative economic populism” is Sohrab Ahmari, a former Wall Street Journal journalist, who describes himself as “the servant of Kahn” – a pun called the top competition observer Kahn. Vance, who became famous eight years ago with his book “Hillbilly Elegy” and originally was a rival to Trump, thus remains loyal to his labor roots in some ways. Moreover, ‘new conservative economic populism’ represents the interests of small people over economic elites and large enterprises. A clear reversal in the orientation of older Republicans, who had defended the free market at all costs. “Vance speaks clearly about the failure of what he calls the Republicans’ ‘fundamentalism of the market’ – what was the consensus on economic policy in recent decades,” says Oren Cass, Vance’s ally and president of the American Compass, a think tank closely associated with the new economic populists. Leader of a new generation of Republicans Former venture capital capitalist Vance is indeed questioning a lot of what has long been the Republican consensus on trade, trade unions, competition and taxation. In this he looks like Trump, but in some cases he goes a few steps further. “Vance is a leader of the Republican generation who rose up after the economic crisis,” Matt Stoller, director of research at the American Economic Liberties Project, told the New York Times. Vance tries to adjust the party’s thinking of economic policy. The goal of economic neo-populists is to “save the American middle class from the fall”, explains Ahmari, a supporter of the new movement and author of the book “Tyranny Inc.”, on the CNBC business channel. Supporters of this political orientation mainly aim at the “large group of voters who are culturally conservative but want more social stability in their lives”. These voters like the state pension system of social security and unions – especially those to which they belong, explains Ahmari. They want a stable economic background to their lives, which is becoming increasingly rare in the service sector. Vance “was certainly not the business world’s favorite candidate”, notes administration professor Jeff Sonnenfeld from Yale elite University in an article in the magazine “Time Magazine”. In some respects, Vance’s populist attitude is “the worst nightmare for CEOs”. The 7 places of ‘new conservative economic populism’ are as follows: 1. It is in favour of government intervention and regulation – especially when it comes to the technology industry Vance said about FTC president Lina Khan that he is “one of the few people in the Biden government who I think is doing quite a good job”. Economic populists also propose the creation of a National Development Bank for critical infrastructure, which will be endowed with $100 billion. 2. They are placed for workers and trade unions Vance, for example, is convinced that the post-war economy focused too much on cheap jobs. This led to the exploitation of American workers by large companies. Vance advocates trade unions and higher minimum wages. The new movement wants to change insolvency legislation and guarantee workers six months’ wages in the event of the company’s bankruptcy. 3. They want to prohibit the acquisition of shares According to conservative economic populists, companies should invest in new factories and research instead of acquisitions of shares. 4. They want to limit immigration in order to protect American workers They want to more severely punish companies that violate immigration laws. They also want to abolish visa programmes for seasonal workers and approve H-1B visas for highly qualified workers only for companies paying most. 5. It is against free trade and requires a tough attitude towards China in particular This is because the Chinese government is dropping prices with state subsidised products. They require 10% duties on all imports. They want to ban American companies from investing in China and forbid Chinese companies from accessing American capital markets. 6. It is in favour of fossil fuels and have doubts about the human impact on climate change They want to abolish national environmental protection law since 1970. In his state, Ohio, Vance advocates new fracking licenses. 7. They want to review the dollar role Vance does not believe that the dollar should remain the world’s main reserve currency. In a discussion with Fed Jerome Powell’s president last year, Vance said that while the dollar’s dominance is good for the American purchasing power, it is also a “tax for American producers”. Vance is in favour of cryptocurrency and wants to reset it.