Neoliberalism Has Finally Reached the End of the Road
The neoliberal economic model has foundered and can no longer generate growth. Governments will be forced to change their approach to economic management, giving rise to more promising conditions for struggle by workers after a generation of retreat.
With the neoliberal economic model failing, governments will have to take a more active role in economic management. (Getty Images)
Many people have prematurely announced the demise of the neoliberal economic model in the past few decades. But global capitalism has experienced an unprecedented shock over the past two years as a result of the COVID-19 pandemic. This came on top of the problems still left over from the crash of 2008, and the worsening climate crisis.
Are we about to enter a new economic era? French economist Cédric Durand believes that the answer is yes, and that the conditions for struggle by workers in defense of their interests are likely to improve dramatically.
Cédric Durand teaches at the University of Geneva and is the author of Fictitious Capital: How Finance Is Appropriating Our Future. This is an edited transcript from an episode of Jacobin Radio’s Long Reads podcast. You can listen to the episode here.
This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.