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Covid-19 pandemic and afterwards?

Self-Extinction of Neoliberalism? Don’t Bet on It.

Monday 4 May 2020, by Gilbert Achcar

For the second time since the turn of the century, governments in North America and Europe are intervening massively with public funds and in conjunction with central banks to bail out entire sectors of the economy and prevent a general economic collapse. The ongoing rescue operations necessitated by the Covid-19 pandemic has already reached a much higher scale than the one deployed against the 2007–08 financial crisis. These operations clash with the basic tenets of neoliberalism in that they constitute a massive regulatory intervention by the state in reining back the market, whereas deregulation and market “survival of the fittest” are central to neoliberal ideology.

For the second time since the turn of the century, governments in North America and Europe are intervening massively with public funds and in conjunction with central banks to bail out entire sectors of the economy and prevent a general economic collapse. The ongoing rescue operations necessitated by the Covid-19 pandemic has already reached a much higher scale than the one deployed against the 2007–08 financial crisis. These operations clash with the basic tenets of neoliberalism in that they constitute a massive regulatory intervention by the state in reining back the market, whereas deregulation and market “survival of the fittest” are central to neoliberal ideology.

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