Fourteenth Global Studies Conference

Abstract

The Covid pandemic has shaken the whole neoliberal economic structure based upon the principle of laissez-faire resulting in the failure of states providing adequate aids to the citizens, income disparities across the globe which reported increase of 42% by Oxfam along with 50% rise in gender pay, in response Europe, United States and some Asian countries shifted their economic policies from neoliberalism to welfare state in order to tackle the Pandemic. Free aid, pay check, food distribution considered as an effective measures, alas this policies were limited and failed safeguarded around 2.7 billion people reported by the Oxfam. This failure of neoliberal policies questing the current capitalist system and failure of free market in poverty eradication one of the major concern of governments. In scholars arena new ideas is emerging considered by several notable scholars like Noam Chomsky who emphasized on using centralized strategic model restraining the power of monopolies simultaneously shifting the market role aligning to the principle of economic justice. This paper through empirical approach tries to elaborate the centralized capitalism structure targeting the core issues such as reduction of wealth gap and poverty, emphasising upon required institutional shift and new policies formation by the government authorities advancing the centralized capitalism as an alternative to Neo liberalism. Highlighting the recent developments across the globe and addressing the future prospects of positive aspects and limitations of centralized capitalism in applications.