The way forward: rethinking public policy

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Chapter 9 in The Cost of Living Crisis, 2024, pp 184-203 from Edward Elgar Publishing

Abstract: The current cost of living crisis has not been caused by Vladimir Putin or even a shortage of semiconductor chips, but rather by a combination of factors that led to the resurgence of inflation at a time when wages have been stagnant. This crisis is not the first, neither will it be the last of its kind, because in a neoliberal economic system these crises are bound to surface periodically. Neoliberalism and its offshoots (such as privatisation, deregulation, deindustrialisation and financialisation) have transformed economies in such a way as to become vulnerable and crisis-prone. The current cost of living crisis is yet another disaster caused by following blindly the principles of neoliberalism and the free-market dogma. Cost of living crises will persist as long as the lunatics are in charge of the asylum.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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