The decline of neoliberalism: a play in three acts

Vol. 40 No. 4 (2020)

Published October 23, 2020

How to Cite

Rugitsky, Fernando. 2020. “The Decline of Neoliberalism: A Play in Three Acts”. Brazilian Journal of Political Economy 40 (4):587-603.

The decline of neoliberalism: a play in three acts

Fernando Rugitsky
Professor at the Economics Department of Faculdade de Economia e Administração da Universidade de São Paulo – FEA/USP, São Paulo/SP, Brasil.
Brazilian Journal of Political Economy, Vol. 40 No. 4 (2020), Oct-Dez/2020, Pages 587-603


This paper aims to examine the political and economic consequences of the pandemic caused by the new coronavirus, setting it in the context of a Gramscian interregnum. First, the dismantling of the triangular articulation of the world market that characterized the decade before 2008 is examined. Second, the global protest wave and the electoral shifts observed since 2010 are interpreted as evidence of a crisis of neoliberal hegemony. Together, the economic and hegemonic crises represent the interregnum. Last, it is argued that the fight against the pandemic may lead to the overcoming of neoliberalism. 

JEL Classification: B51; E02; O57.

Keywords: Economic crisis neoliberal hegemony interregnum pandemic