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The COVID pandemic and its aftermath: missed opportunities for avoiding a future of Authoritarian Neoliberalism

Author

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  • Mark Setterfield

    (Department of Economics, New School For Social Research, USA)

Abstract

Neoliberalism can be characterized as an exhausted but entrenched growth regime that requires fundamental institutional transformation to create the conditions for inclusive and sustainable growth. But will existing political leadership rise to the challenge of implementing this transition? Experience during and immediately after the COVID- 19 pandemic does not give cause for optimism. First, the pandemic itself could have served as a timely reminder of the need for socialized responses to shared sources of uncertainty. Second, the post-pandemic 'inflation' could have served as a timely reminder of the importance of distributive justice as a component of macroeconomic performance. The argument advanced is that both of these opportunities were missed, demonstrating a paucity of vision and leadership among center-left parties at a critical juncture for liberal democracy.

Suggested Citation

  • Mark Setterfield, 2025. "The COVID pandemic and its aftermath: missed opportunities for avoiding a future of Authoritarian Neoliberalism," Working Papers 2510, New School for Social Research, Department of Economics.
    • Handle: RePEc:new:wpaper:2510
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    More about this item

    Keywords

    COVID pandemic; inflation; Taylor moment; Authoritarian Neoliberalism; Social Capitalism;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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