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By Walden Bello
The global financial crisis of 2008 was a profound crisis of capitalism,
but the subjective element — popular alienation from the system — had
not yet reached a critical mass. Owing to the boom created by
debt-financed consumer spending over two decades, people were shocked by
the crisis, but they were not that alienated from the system during the
crisis and its immediate aftermath.
Things are different today.
The level of discontent and alienation with neoliberalism was already
very high in the global North before the coronavirus hit, owing to the
established elites’ inability to reverse the decline and living
standards and skyrocketing inequality in the dreary decade that followed
the financial crisis. In the U.S., the period was summed up in the
popular mind as one where the elites prioritized saving the big banks
over saving millions of bankrupt homeowners and ending large-scale
unemployment, while in much of Europe, especially in the south, the
people’s experience of the last decade was captured in one word: austerity.
https://fpif.org/the-race-to-replace-a-dying-neoliberalism/
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