Shock Therapy for Neoliberals
Underlying the current lack of resilience is the fundamental failure of neoliberalism and the policy framework it underpins.
Markets on their own are short-sighted, and the financialization of the economy has made them even more so. They do not fully account for key risks – especially those that seem distant – even when the consequences can be enormous.
Moreover, market participants know that when risks are systemic – as was the case in all the crises listed above – policymakers cannot idly stand by and watch.
Joseph E. Stiglitz Project Syndicate 5 April 2022
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