{"id":52594,"date":"2020-04-17T07:35:09","date_gmt":"2020-04-17T12:35:09","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52594"},"modified":"2020-04-17T07:35:13","modified_gmt":"2020-04-17T12:35:13","slug":"cover-19-and-the-death-of-market-fundamentalism","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52594","title":{"rendered":"Cover-19 and the Death of Market Fundamentalism"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/paulgilding.com\/2020\/04\/15\/covid-19-and-the-death-of-market-fundamentalism\/\">COVID-19 AND THE DEATH OF MARKET FUNDAMENTALISM<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i0.wp.com\/paulgilding.com\/wp-content\/uploads\/2020\/04\/neoliberalism.jpg?fit=258%2C195&amp;ssl=1\" alt=\"\"\/><\/figure>\n\n\n\n<p>On top of the countless human tragedies, there will be many long-lasting social and economic impacts of the COVID-19 pandemic. Perhaps none will be more profound though, than the death of free market fundamentalism and the return of the State.<\/p>\n\n\n\n<p>Why now? After all, there have long been moral, social and environmental risks posed by an unfettered market. Risks that present a strong case for action by the State \u2013 with inequality and climate change being the two most glaring examples. It didn\u2019t help.<\/p>\n\n\n\n<p>This is different. COVID-19 presents a blindingly powerful&nbsp;<em>economic<\/em>&nbsp;case for change. It shows that an ideological, quasi-religious approach to regulating markets, sometimes called neo-liberalism and, until the virus, the dominant political approach in the west, is fatally flawed. It creates a weak and unstable economy, which magnifies risks and is unable to manage shocks<a href=\"https:\/\/paulgilding.com\/2020\/04\/15\/covid-19-and-the-death-of-market-fundamentalism\/#easy-footnote-bottom-1-3675\"><sup>1<\/sup><\/a>. It threatens itself.<\/p>\n\n\n\n<p>Of course, a pandemic would always have had a very large and disruptive economic impact. However, we can already see that those countries with a coherent, competent, respected and well-resourced State \u2013 everything market fundamentalists have sought to undermine \u2013 are likely to have both lower economic&nbsp;<em>and<\/em>&nbsp;human cost.<\/p>\n\n\n\n<p>Thus, market fundamentalism is no longer even in the interests of the corporate sector or the financial elites. It creates unmanageable&nbsp;<em>economic<\/em>&nbsp;risks and ultimately poses an existential risk to capitalism, as argued by Nobel Prize winning economist, Joseph Stiglitz<a href=\"https:\/\/paulgilding.com\/2020\/04\/15\/covid-19-and-the-death-of-market-fundamentalism\/#easy-footnote-bottom-2-3675\"><sup>2<\/sup><\/a>. Therefore, any corporate or finance leader who continues their knee jerk support for actions to \u2018free up markets, \u2018reduce taxes\u2019, to \u2018get government out of the way\u2019, will now know the consequences.<\/p>\n\n\n\n<p>This is not about being for or against \u2018the market\u2019 or the \u2018corporate sector\u2019. It is not about \u2018curbing corporate power\u2019 or developing \u2018an alternative economic system\u2019. Capitalism, correctly defined and well managed, can be a powerful and effective\u00a0<em>component<\/em>\u00a0of an intelligently designed, democratic and fair society.<\/p>\n\n\n\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>COVID-19 AND THE DEATH OF MARKET FUNDAMENTALISM On top of the countless human tragedies, there will be many long-lasting social and economic impacts of the COVID-19 pandemic. Perhaps none will be more profound though, than the death of free market fundamentalism and the return of the State. Why now? After all, there have long been [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[141,28817,2128,8330,21413,1309,855],"class_list":["post-52594","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-climate-change","tag-coronavirus","tag-free-market","tag-market-fundamentalism","tag-paul-gilding","tag-state","tag-viral-pandemic"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52594"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52594\/revisions"}],"predecessor-version":[{"id":52595,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52594\/revisions\/52595"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}