The Age of Crisis : Neoliberalism, the Collapse of Democracy, and the Pandemic

This book offers an economic analysis of the causes, development, and likely consequences of the Covid-19 pandemic for global neoliberalism. The analysis will draw upon the authors previous work on neoliberalism, and on its twin crises: the economic crisis (the Global Financial Crisis (GFC), ongoing since 2007) and, subsequently, the crisis of political democracy that has been associated with the rise of spectacular authoritarian leaders in several countries. The approach is grounded on Marxist political economy. The book argues that the Covid-19 pandemic emerges out of this context of deep inequalities and crises in the economy and in politics, and it is likely to reinforce the exclusionary tendencies of neoliberalism, with detrimental implications both for economic prosperity and for democracy. In turn, the pandemic has revealed the limitations of neoliberalism like never before, with implications for the legitimacy of capitalism itself, and opening unprecedented spaces for the left. This book will be of interest to academics in economics, international relations, political science, political economy, sociology and development studies. Alfredo Saad-Filho is Professor of Political Economy and International Development at Kings College, London, UK Acknowledgements Abbreviations Contents Introduction Notes Part I Neoliberalism, Financialisation, and Crisis 1 Neoliberalism, Financialisation and Their Consequences Neoliberalism and Financialisation ‘Globalisation’ and the Restructuring of Production Ideologies, Policies and Social Reproduction The ‘Economic Losers’ References 2 Economic Instability and Crises Under Neoliberalism The Economic Paradox of Neoliberalism The Global Financial Crisis The Global Economy After the Crisis References Part II Neoliberalism and Democracy 3 Political Forms of Neoliberalism Transitions to Neoliberalism Building Neoliberal Democracies Neoliberal Democracy and the ‘Losers’ The Political Paradox of Neoliberalism References 4 The Crisis of Neoliberal Democracy Neoliberalism After the GFC Authoritarian Neoliberalism ‘Spectacular’ Leaders The Paradox of Authoritarianism References Part III A Pandemic with Neoliberal Characteristics 5 A Neoliberal Health Crisis Neoliberalism and the Pandemic Denialism and ‘Herd Immunity’ Inequalities and the Pandemic References 6 Post-pandemic Realities Economic Policies After the Shock Politics and Ideology References Part IV Case Studies in Disaster 7 A Very Neoliberal Tragedy COVID-19 in the North and the South Tales of Success and Failure References 8 The UK: A Convergence of Disasters The Conservative Party and the Pandemic The Magical Realism of Brexit The Opposition Vanishes Lessons from Disaster References 9 The USA: Decentralisation and Denial Just like the Flu No Responsibility at All ‘I Can’t Breathe’ References 10 Brazil: Inequality and Catastrophe Roots of the Tragedy The Role of the Individual in History Bolsonaro Seizes the Initiative Moving Forward References 11 India: From Hubris to Disaster The First Wave Authoritarianism The Second Wave The Economy The Kerala Exception References Conclusion References References Index