COVID Keynesianism: locating inequality in the Anglo-American crisis response

Abstract

COVID Keynesianism evaluates the USA and UK’s economic response to the COVID-19 pandemic and compares it to the previous iterations of the Anglo-American policy response template. The analysis details the morbid character of neoliberal state intervention by tracing the distributional routes of monetary and fiscal measures into global corporations and across the domestic economy. The comparative findings show the degree to which emergency economic relief measures, despite their size and early success, have amplified the fault lines of inequality. The argument is that monetary flows generated windfall wealth gains for the already wealthy, while fiscal flows provided temporary gains and provisions for those on low-incomes and in deprived regions. Neoliberal efforts to protect wealth-holdings are discussed with reference to the structural conditions that generate permanent crises.