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Rethinking the free market doctrine

In: The Economics of COVID-19

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Abstract

Pandemics and their economic consequences introduce drastic changes. In the aftermath of the Spanish flu, a consensus emerged about the need for universal healthcare and that healthcare should not be viewed as an individual responsibility. The Black Death of the 14th century killed around 60% of the population of Europe, but it also killed the then prevailing economic system of feudalism. The Covid-19 pandemic hit after four decades of neoliberalism had depleted state capacities in the name of the alleged efficiency of the private sector and the power of the market. It is shown that collective problems require collective solutions and a government that provides for the essential needs of its citizens. The pandemic is forcing a rethinking of the free market doctrine and the role of government in economic activity.

Suggested Citation

  • ., 2021. "Rethinking the free market doctrine," Chapters, in: The Economics of COVID-19, chapter 6, pages 111-130, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20266_6
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