Capitalism’s triple crisis

The new article by Mariana Mazzucato

After the 2008 financial crisis, we learned the hard way what happens when governments flood the economy with unconditional liquidity, rather than laying the foundation for a sustainable and inclusive recovery.

Capitalism is facing at least three major crises. A pandemic-induced health crisis has rapidly ignited an economic crisis with yet unknown consequences for financial stability, and all of this is playing out against the backdrop of a climate crisis that cannot be addressed by ‘business as usual’. Until just two months ago, the news media were full of frightening images of overwhelmed firefighters, not overwhelmed health-care providers.