It’s not a COVID-19 economy. It’s a capitalist economy, the instability of which has been rendered even more unstable by the current COVID-19 health crisis
A positive outcome of the coronavirus disaster would be a wider appreciation that liberating ourselves from capitalism requires rejecting its self-justifying ideology of efficiency.
The US is currently experiencing what might be called a ‘triple crisis’. A health crisis that shows little sign of abating. A deep economic crisis that is still in its early phases. And a ripening political crisis
So wage cuts and reductions, now underway, will not result in renewed business investment and general rehiring of the 45 million laid off. Wage cuts don’t result in real investment and growth
The good news here is the large percentage of workers who expect to be called back by their employer, but the steps by the government to contain the pandemic and support the recovery are less encouraging
As nearly 30 million Americans have filed for unemployment in just six weeks and millions worldwide face hunger and poverty, we look at the global economic catastrophe triggered by the pandemic and its impact on the most vulnerable
Despite the data on jobs, small business, and GDP much of the liberal economist establishment appear to be falling for the Trump administration official line and spin that there’ll soon be a V-shape recovery
Might the interactions now among capitalism, coronavirus, and a new worker-coop-based socialism prove similar to those among feudalism, the Black Death and capitalism so long ago?
The Covid-19 crisis has lead to a huge drop in the demand for, and price of, oil globally
Neoliberal indoctrination has pampered big business and Wall Street into believing that corporate socialism will always be theirs for the asking