Is the neoliberal era coming to an end?

Macro-economic change in the shadow of covid-19

Abstract

It is easy to become enthralled by foreground events, especially when they are as devastating as the Covid-19 pandemic. However, to really get a sense of what is going on, one must also look at the background. Beyond the pandemic’s spectacular foreground, we have seen a range of changes that might encourage the more optimistic among us to form the view that the neoliberal era is approaching its terminus. Barely comprehensible sums of money have been created to cushion the pandemic’s heavy blows, and a range of policy initiatives have emerged that are obviously antagonistic to the main shibboleths of neoliberalism. However, the language of neoliberalism remains. The myths that assisted neoliberalism to maintain its global supremacy for over forty years – especially those that misrepresent our money system – continue to be presented to the general public as if they were unchallengeable truths. So, what is really going on? Looking principally at events in Britain, this article attempts to shed some light on the evolution of global capitalism.