Coronavirus Capitalism — and How to Beat It
CAPITALISM, 23 Mar 2020
16 Mar 2020 – I’ve spent two decades studying the transformations that take place under the cover of disaster. I’ve learned that one thing we can count on is this: During moments of cataclysmic change, the previously unthinkable suddenly becomes reality. In recent decades, that change has mainly been for the worst — but this has not always been the case. And it need not continue to be in the future.
This video is about the ways the still-unfolding Covid-19 crisis is already remaking our sense of the possible. The Trump administration and other governments around the world are busily exploiting the crisis to push for no-strings-attached corporate bailouts and regulatory rollbacks. Treasury Secretary Steven Mnuchin is moving to repeal financial regulations that were introduced after the last major financial meltdown, as part of the 2010 Dodd-Frank Act. China, for its part, is indicating that it will relax environmental standards to stimulate its economy, which would wipe out the one major benefit the crisis has produced so far: a marked drop in that country’s lethal air pollution.
But this is not the whole story. In the United States, we have also seen organizing at the city and state levels win important victories to suspend evictions during the pandemic. Ireland has announced six weeks of emergency unemployment payments for all workers who suddenly find themselves out of work, including self-employed workers. And despite U.S. presidential candidate Joe Biden’s claims during the recent debate that the pandemic has nothing to do with Medicare for All, many Americans are suddenly realizing that the absence of a functioning safety net exacerbates vulnerabilities to the virus on many fronts.
This crisis — like earlier ones — could well be the catalyst to shower aid on the wealthiest interests in society, including those most responsible for our current vulnerabilities, while offering next to nothing to the most workers, wiping out small family savings and shuttering small businesses. But as this video shows, many are already pushing back — and that story hasn’t been written yet.
Naomi Klein is the award-winning author of the international bestseller, No Logo: Taking Aim at the Brand Bullies, translated into 28 languages. She writes an internationally syndicated column for The Nation magazine and the Guardian newspaper. She is a former Miliband Fellow at the London School of Economics and holds an honorary Doctor of Civil Laws from the University of King’s College, Nova Scotia. Her book The Shock Doctrine: The Rise of Disaster Capitalism was published worldwide in 2007.
Tags: BRICS, Capitalism, China, Coronavirus, Disaster Capitalism, Economics, Epidemics, Health, Naomi Klein, Pandemic, Public Health, Science, Science and Medicine, Shock Doctrine, Trade, United Nations, WHO, World
DISCLAIMER: The statements, views and opinions expressed in pieces republished here are solely those of the authors and do not necessarily represent those of TMS. In accordance with title 17 U.S.C. section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. TMS has no affiliation whatsoever with the originator of this article nor is TMS endorsed or sponsored by the originator. “GO TO ORIGINAL” links are provided as a convenience to our readers and allow for verification of authenticity. However, as originating pages are often updated by their originating host sites, the versions posted may not match the versions our readers view when clicking the “GO TO ORIGINAL” links. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.