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THE COVID-19 PANDEMIC REFLECTS AND EXACERBATES THE FLAWS OF NEOLIBERALISM

Jean-Paul Pollin * Professeur émérite, Laboratoire d'économie d'Orléans. Contact : jean-paul.pollin@univ-orleans.fr.


This article intends to show that the succession of crises that affected advanced countries since the beginning of this century is the consequence of the dysfunction of their economic and social systems reshaped by neoliberalism. In this sense three weaknesses of these systems deserve special attention. On the one hand, the increase in interdependencies between economies which leads, in the absence of global governance, to spread and get worse the different types of shocks endured by some countries. On the other hand, a loss of resilience of firms whose risk management neglected protections in the face of uncertain events to favour short term profitability. On the other hand a loss of resilience of firms whose risk management neglected protections in the face of uncertain events to favour short term profitability. Lastly the rise of inequalities which make crises more socially unacceptable and more costly to resolve. These flaws raise questions about the desirable evolution of the place and forms of state intervention and more generally about the future of neoliberalism.


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