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The End of Neoliberalism? The Response to COVID-19: An Australian Geopolitical Perspective

Michael Lester (Australian Economic Adviser)
Marie dela Rama (UTS Business School, Sydney, Australia)

Contestations in Global Civil Society

ISBN: 978-1-80043-701-2, eISBN: 978-1-80043-700-5

Publication date: 30 May 2022

Abstract

The coronavirus (COVID-19) pandemic has arguably exposed the failures of neoliberalism and its political agenda over the past generation. The response has seen governments resurrect neo-Keynesian policies in order to address the weaknesses in the current market system and to mitigate the worst economic downturn since the Second World War (1939–1945). This chapter contextualizes the Australian perspective and the policy responses to the economic challenges posed by COVID-19. The authors contrast that with the experience of the USA and UK with whom the country shares common institutions and culture, including a generation of neoliberal economic reforms.

By closing large sections of the economy, the Australian COVID-19 response provided extensive social welfare support and bailed out several sectors and industries. Previously unacceptable and unthinkable levels of budget deficit and country debt were incurred. This systemic state intervention into the economy raises the question of whether the pandemic signals the end of the neoliberal era and its ramifications – or whether this neo-Keynesian pause was a kneejerk response to ensure and protect its legacy.

Keywords

Citation

Lester, M. and dela Rama, M. (2022), "The End of Neoliberalism? The Response to COVID-19: An Australian Geopolitical Perspective", Oberoi, R., Halsall, J.P. and Snowden, M. (Ed.) Contestations in Global Civil Society, Emerald Publishing Limited, Leeds, pp. 79-95. https://doi.org/10.1108/978-1-80043-700-520221008

Publisher

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Emerald Publishing Limited

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