Unbridled liberalism and a pandemic: at a crossroads between techno authoritarianism and a new social order

Giovanni Dosi

Revista CEPAL, 2020

Abstract: This paper analyses some of the trends in global capitalism prior to the pandemic and some specificities of the latter that are likely to place the global economy at a crossroads between maintaining the prevailing trend of techno authoritarianism in the governance of countries and a change in the social order. It describes the arrival of the pandemic amid increasing technologization and a fragile socioeconomic architecture, which has been deteriorating since the emergence of neoliberalism in the 1980s and, especially, since the 2008–2009 financial crisis. The major trends analysed are: globalization and the rise of China, wage stagnation and the gap between productivity and wages, along with the explosion in the rate of profit, in addition to (financial and non-financial) corporate profits and the convergence of artificial intelligence and automation. It also outlines a number of lessons to be learned from the pandemic.

Date: 2020-12-31
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Persistent link: https://EconPapers.repec.org/RePEc:ecr:col070:46933

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