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RISE ✒ Neoliberalism entered the coronavirus pandemic with significant underlying conditions. Will it survive the coming depression, or will it be replaced? Paul Murphy argues that while unorthodox monetary policy may be here to stay for the foreseeable future and globalisation is in retreat, capital’s need to restore profitability means that neoliberal fiscal policy will be harder to shake. 
2-September-2020

The unfolding of a new and deep economic crisis, as well as the response to that crisis by states and central banks, has provoked a renewed discussion about neoliberalism. More rapidly than in 2008, capitalist states worldwide stepped in to respond to the unfolding crisis. The neoliberal mantra that the market must decide was set aside.

States requisitioned supplies of PPE as well as taking over factories, with Trump invoking the Korean War era ‘Defense Production Act’ to speed up ventilator production. The top European Commission trade official, Sabine Weyand, explained their thinking: “We have to recognise that in the heat of a crisis you cannot leave the allocation of scarce resources just to the markets.”

Continue reading @ RISE.

⏩This article was featured in the Autumn 2020 edition of Rupture. Purchase the latest edition of Rupture.

The End Of Neoliberalism?

RISE ✒ Neoliberalism entered the coronavirus pandemic with significant underlying conditions. Will it survive the coming depression, or will it be replaced? Paul Murphy argues that while unorthodox monetary policy may be here to stay for the foreseeable future and globalisation is in retreat, capital’s need to restore profitability means that neoliberal fiscal policy will be harder to shake. 
2-September-2020

The unfolding of a new and deep economic crisis, as well as the response to that crisis by states and central banks, has provoked a renewed discussion about neoliberalism. More rapidly than in 2008, capitalist states worldwide stepped in to respond to the unfolding crisis. The neoliberal mantra that the market must decide was set aside.

States requisitioned supplies of PPE as well as taking over factories, with Trump invoking the Korean War era ‘Defense Production Act’ to speed up ventilator production. The top European Commission trade official, Sabine Weyand, explained their thinking: “We have to recognise that in the heat of a crisis you cannot leave the allocation of scarce resources just to the markets.”

Continue reading @ RISE.

⏩This article was featured in the Autumn 2020 edition of Rupture. Purchase the latest edition of Rupture.
Neo-liberalism

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