Explorative analysis of European economic post-Covid-19 crisis recovery strategy through the lenses of the new-developmental paradigm
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2020-12-11
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Abdal, Alexandre
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As economies around the world struggle with the drafting and implementation of strategies to fight the economic consequences of Covid-19 pandemic while the crisis itself is still not an overcame threat, the question of what our economies will look like after coronavirus is of fundamental interest. This article seeks to explore and analyse European Union’s strategy for economic recovery and future economic growth from the standpoint of New Developmentalism. The idea behind this research topic lies in the hypothesis that after Neoliberalism's failure to deliver constant growth and development in Europe, the EU 27 have inadvertently turned - especially as a reaction to the Covid-19 pandemic - to a new economic governance strategy that has strong common ground with New Developmental theory. Therefore, what I will investigate in this paper is which are the proposed policies at the European level that resonate with New Developmentalism, why and how such a foreign economic theory can be applied to the analysis and be part of the solution for Western European countries and which are the challenges represented by the EU supranational nature. The expected contribution of this paper is the demonstration that New Developmentalism could acquire popularity in Europe in the next decades as a way of achieving sustained development after the recession caused by the pandemic.