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A Tale of Two Recipes: Well-being Policy Comes to the Western Capitalism Rescue in the (Post-) Trump and (Post-) COVID-19 Era

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  • Muravska Tatjana

    (1 Professor in Regional Economy and European Integration, Jean Monnet Professor and a visiting professor at universities in Europe, Canada, India, Georgia. Director, Doctoral Programme in Business Administration, Riga Stradins University and a Chairperson of the Academic Council, Doctoral School for European and Baltic Sea Region Studies, University of Latvia, .)

  • Dyomkin Denis

    (2 researcher and educator with the Centre for European Studies at Carleton University, Canada)

Abstract

The neo-authoritarian “Trump Era”-induced political problems have been aggravated further by the coronavirus that triggered an economic slowdown. The new landscape put Western capitalism, international cooperation, and European integration at risk. This contribution shows similarities and differences in policies dealt with the recessions of 2008 and 2020 on both sides of the Atlantic, with a focus on the EU and Canada. It examines the rising popularity of the welfare state concept applied both to individuals and industries particularly in the EU, for which the protection of citizens’ well-being and solidarity values are at the bloc integration’s core. Ideologically opposing solutions for those crises reflect a fundamental shift in policymaking, reinforcing state interventions policies vs neoliberal approach to the extent of intensified discussions of a universal basic income notion as a response to the inequalities. The article highlights the need for multi – and cross-disciplinary approaches, benefiting policymaking.

Suggested Citation

  • Muravska Tatjana & Dyomkin Denis, 2020. "A Tale of Two Recipes: Well-being Policy Comes to the Western Capitalism Rescue in the (Post-) Trump and (Post-) COVID-19 Era," European Studies - The Review of European Law, Economics and Politics, Sciendo, vol. 7(1), pages 19-44, December.
    • Handle: RePEc:vrs:eurstu:v:7:y:2020:i:1:p:19-44:n:11
    DOI: 10.2478/eustu-2022-0045
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    Keywords

    Covid-19; state intervention; neoliberalism; welfare; integration; media;
    All these keywords.

    JEL classification:

    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • M38 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Government Policy and Regulation

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