Pandemic and the Necessary and Timely Return to Keynesian Insights

Abstract

In dark pandemic times, the inefficiency of the liberal economic arsenal for dealing with the damaging effects of the current health and economic crisis has forced governments around the world to take a Keynesian turn, incorporating a more active role in the economy as the only possible path to be taken. Along this way, the present article emerges with the objective of paving the way for the understanding of the necessary rescue of Keynesian nuances and radical reforms, rejecting the policies that have served as a model for most governments in the last four decades. In conducting the research, both in the investigation phase and in the research report phase, the inductive method was applied. The monographic procedural method and the bibliographic technique were also used as part of the methodology. It was found that, once again in history, neoliberalism was manifestly demystified by the harmful effects of a virus over population health and world economy, demanding a return to the Keynesian approach of greater state protagonism, through fiscal and monetary policies, in order to mitigate the impacts caused by recessions and to ensure the survival of national economies and the capitalist system itself.