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The manufactured crisis of COVID-Keynesianism in Britain, Germany and the USA

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  • James D G Wood
  • Valentina Ausserladscheider
  • Matthew Sparkes

Abstract

Economic policymaking shifted away from neoliberal ideals towards ‘crisis’ Keynesianism during the COVID-19 pandemic. We use a comparative process tracing approach to examine how political and economic actors in Britain, Germany and the USA attempt to legitimise a potential return to neoliberalism to voters. We show that pro-neoliberal actors discursively construct a ‘crisis’ of COVID-Keynesianism by associating it with rising inflation and ‘unsustainable’ levels of government spending. Whilst emphasising key neoliberal policies of maintaining low inflation and fiscal conservativism to establish a return to ‘normal’ neoliberal policymaking. Therefore, we explain how the neoliberal policy paradigm reasserts itself when challenged.

Suggested Citation

  • James D G Wood & Valentina Ausserladscheider & Matthew Sparkes, 2023. "The manufactured crisis of COVID-Keynesianism in Britain, Germany and the USA," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(1), pages 19-29.
    • Handle: RePEc:oup:cjrecs:v:16:y:2023:i:1:p:19-29.
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    File URL: http://hdl.handle.net/10.1093/cjres/rsac030
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    References listed on IDEAS

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    1. Peck, Jamie, 2012. "Constructions of Neoliberal Reason," OUP Catalogue, Oxford University Press, number 9780199662081.
    2. James D. G. Wood & Valentina Ausserladscheider, 2021. "Populism, Brexit, and the manufactured crisis of British neoliberalism," Review of International Political Economy, Taylor & Francis Journals, vol. 28(6), pages 1487-1508, October.
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    4. Tiago Moreira Ramalho, 2020. "The Troika in its own words: responding to the politicisation of the southern European crises," ULB Institutional Repository 2013/337630, ULB -- Universite Libre de Bruxelles.
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    7. Judith Clifton & Daniel Diaz-Fuentes & Ana Lara Gómez, 2018. "The crisis as opportunity? On the role of the Troika in constructing the European consolidation state," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 11(3), pages 587-608.
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