In late June, when President Joe Biden took the stage at the Old Post Office building in Chicago to declare a fundamental break from the trickle down economic paradigm that has ruled American politics for more than 40 years, he insisted the self-congratulatory name for his economic program was not his idea.

Bidenomics came from The Wall Street Journal and the Financial Times, Biden said.

I didnt come up with the name, he said. I really didnt.

Even if the name was unplanned, the fundamental shift it has come to symbolize was not. Bidenomics is the result of a conscious effort by the White House to undo a free-market paradigm that swept into Washington with President Ronald Reagans election one that favored the private sector over the public, the financial well-being of the rich over the poor, the support of monopolies over small and local business, and the empowerment of bosses over workers.

After two years of working to pass high-profile economic legislation and rolling out comparatively obscure new government rules, Biden is ready to take credit for what could prove to be a sea change in American politics and economic life. Say goodbye to Reaganomics and hello to Bidenomics.

Bidenomics, as the president and his administration tell it, puts the government back in the drivers seat through the direction of industrial policy in key sectors deemed important to national and economic security. And it prioritizes worker empowerment and competition through the reinvigoration of labor unions and antitrust enforcement.

The changes sweeping across government and the economy can be seen from almost every angle, from the unprecedented public investment happening through the Inflation Reduction Act, bipartisan infrastructure law and the CHIPS and Science Act, to the reversal of decades of pro-monopoly antitrust policy or the rewriting of the regulatory review process.