Urgent Need for the Reform of Mainstream Economics

In 2020, the COVID-19 pandemic, as a major “black swan” event, suddenly disrupted the global economy pulse. Leaders of major countries in Europe and the U.S. faced various extent of the “protecting the economy” challenge, and the severity of the situation forced them to quickly open the crisis response toolbox of previous decision-makers at that time and restructure their operational systems. Among these, nationalization represents a classic policy remedy, with some European media even discussing whether it could be the lifeline for the European economy when facing the pandemic, despite the fact that during times of economic prosperity, financial and economic leaders, market participants, economists, and even some media in Europe and the U.S. had much criticism of nationalization.