Money manager capitalism and the coronavirus pandemic

Yan Liang and Charles J. Whalen

Chapter 4 in A Modern Guide to Post-Keynesian Institutional Economics, 2022, pp 89-120 from Edward Elgar Publishing

Abstract: The coronavirus disease 2019 (COVID-19) pandemic shook the world economy and triggered one of the worst economic downturns in US history. This chapter demonstrates that the crisis also exposed fundamental shortcomings of the current economic era, a stage of history that Post-Keynesian Institutionalists call money manager capitalism (MMC). Focusing on the United States, the chapter identifies four dimensions of the coronavirus crisis and their relation to key aspects of MMC. Those dimensions are: inadequate industrial capacity, working families' financial distress, corporate vulnerability to sudden economic changes (owing to a culture of debt financing), and the public sector's responsiveness to financial and corporate interests rather than to the interests of ordinary Americans. The chapter closes not merely by identifying some important aspects of an agenda for public-policy reform, but also by addressing some challenges that must be confronted on the road from MMC to an age of broadly shared prosperity.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/edcoll/9781800885745/9781800885745.00012.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:20688_4

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().