CHRONICLE – Economic policy must certainly adapt to the new norm of capitalism that emerges from the 2008 crash and the pandemic.
Just as much as war, according to Clausewitz, capitalism is a chameleon. It mutates under the effect of economic crises, wars, technological revolutions or epidemics, and with it its regulation.
No one can doubt that capitalism is engaged in a new great transformation. The cycle of liberal globalization that began in 1979 broke with the crash of 2008, which led to the return of protectionism and the rebalancing of state power against the markets. He was definitely swept away by the Covid-19 epidemic. The time is no longer for free trade, shareholder capitalism, the reduction of taxes and public spending, the independence of central banks. It is protectionism, the renewal of State interventions, the surge in deficits and debts financed by the issuance of money by central banks that have become the auxiliary of budgetary policies, and the increase in taxation.
The takeover makes it possible to measure the extent
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