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Inflation, Corporate Profits, and the Legal-Institutional Limits of Monetary Governance: Rethinking the Post-Pandemic Price Surge

Nischal Dhungel headshot

Author: Nischal Dhungel

This paper reinterprets the 2021-2023 post-pandemic inflation, particularly in the United States and advanced economies, through a structural and legal-institutional lens. Challenging orthodox macroeconomic explanations centered on aggregate demand, empirical evidence indicates that partial supply-side constraints, corporate mark-up expansion, and rising financial overhead primarily drove inflation. Drawing on Keynesian, Kaleckian, and Minskyan frameworks, the analysis demonstrates how legal frameworks governing antitrust and international monetary relations enabled concentrated firms to exert pricing power. The paper concludes that conventional interest-rate tightening was inadequate and counterproductive, proposing an alternative policy framework focused on market-structure reform, strategic price regulation, and international monetary cooperation.

 

White Paper

Additional Information

Type

  • White Paper

  • CRADLE White Paper Series

Publication Details

Publication Year: 2026