engleski

The Lockdown Awakening as a Source for New Economic Models

The idea behind this paper is to reflect on the prevailing economic system as we know it in the context of the global pandemic lockdown and to consider alternatives. As such, it is envisioned as a concise review paper of discussion. The numerous shortcomings of the dominant capitalist economic model were well known before the Covid-19 lockdown: tax evasion through offshoring, globalisation as a run to the bottom of human rights, rising indebtedness as a consequence of financialization, plutocracy and cronyism, disregard for the collective and the environment, ignorance as the driving force of consumerism, etc. During the pandemic many came to a form of revelation, the flaws and weaknesses of the current model being more widely recognized. There is an expectation from economists to come up with alternative solutions swiftly. The key conclusion states that the novel coronavirus has brought us an unwarranted but much needed inflection point, one that can be utilized for a paradigm shift in economic modelling on a large scale. However, comprehensive and wide-ranging transformations of a prevailing economic system are infeasible without the accompanying changes of the society in general.

coronavirus, Covid-19, crisis, economic models

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