New Economic Security State or New Great Power Protectionism

In the October 19th issue of Foreign Affairs, an essay about the so-called New Economic Security State explains how the Biden Administration and its national security chief conceptualizes the relationship between market, economy, and national security.  This 'new' thinking is supposed to recalibrate the excesses of globalization and faith on the market but then avoid the Cold War hard core emphasis on security over economics.  Is this 'new' thinking really new or is it a re-hash of ideas brought up in the late 1980s when the US was concerned about Japan's and Germany's economic strength?  Is security simply an alibi for great power protectionism?  Can the US shed its own DNA to implement a whole economy industrial policy?