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Coronavirus and the end of the neoliberal era
In just a few months all the major tenets of neoliberalism have been exposed as lies and their greatest advocates are now saying the exact opposite: redistribution and state spending have gone mainstream, writes MARC VANDEPITTE in the first of a two-part series

FOR 40 years they hurled their neoliberal dogmas at us. The financial crisis seriously shook the belief in those beliefs, but eventually the system survived. This time things are different. The coronavirus crisis and the socio-economic measures for saving the system have killed the neoliberal dogmas one by one. High time for something new.

“We are living above our means. Sorry, but there is no money.” They have taught us that for years. Healthcare was too expensive, unemployment benefits were too generous, wages were too high and there was simply no money for social or cultural matters. The government deficit and debts had to be kept as low as possible, which is why spending had to be reduced on everything.

Overnight there seems to be money indeed. Today they spend billions of euros as if they were handing out candy. A government deficit that is 18 per cent of national income, all of a sudden is possible.

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