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The way forward: rethinking public policy

In: The Cost of Living Crisis

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Abstract

The current cost of living crisis has not been caused by Vladimir Putin or even a shortage of semiconductor chips, but rather by a combination of factors that led to the resurgence of inflation at a time when wages have been stagnant. This crisis is not the first, neither will it be the last of its kind, because in a neoliberal economic system these crises are bound to surface periodically. Neoliberalism and its offshoots (such as privatisation, deregulation, deindustrialisation and financialisation) have transformed economies in such a way as to become vulnerable and crisis-prone. The current cost of living crisis is yet another disaster caused by following blindly the principles of neoliberalism and the free-market dogma. Cost of living crises will persist as long as the lunatics are in charge of the asylum.

Suggested Citation

  • ., 2024. "The way forward: rethinking public policy," Chapters, in: The Cost of Living Crisis, chapter 9, pages 184-203, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:23534_9
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035338238.00014
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