Abstract
The scope and reach of fiscal policy responses to the COVID-19 pandemic contrasted with the fiscal policy implemented in the immediate aftermath of the 2007 global financial crisis. However, the advent of high inflation that followed effectively nipped the prospects of a more radical shift in the fiscal policy paradigm in the bud, with monetary policy taking the lead. This article analyses the causes of the subsequent lack of a step change in the approach to fiscal policymaking through a comparative study of fiscal policy responses to the COVID-19 pandemic in the UK and the USA. Based on qualitative interdisciplinary analysis, the article shows how the ideological foundations of fiscal policy are formed and their consequences for policy implementation in times of crises and recovery. The article discusses what changes in the approach to fiscal policy are needed to secure a more equitable, long-term economic prosperity.
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