Covid-19 Crisis Demonstrates Capitalism’s Inability to Advance

Covid-19 Crisis demonstrates capitalism’s inability to advance

The arrogance of the capitalist class is fully exposed by their inability to cope with the Covid-19 pandemic. It is more than likely that the world is now heading for a 1929 style economic crash and the ruling class has no way out except to launch further attacks on the working class and the poor. The various measures which are being implemented to slow the spread of the virus will have a dramatic affect on businesses and spending. The stock market is already in free fall. The arrogant nature of the ruling class has meant that their faith in the market and financial services blinded them to the reality of the world outside of their cold economic calculations. Many states in Europe such as Italy, France and Norway are injecting billions of cash into the economy to attempt to create some kind of life support for this decrepit system. The ruling class in Britain cannot even be bothered to do this. Instead the Chancellor is handing out loans, which will of course be expected to be repaid, displaying a similar attitude as they do to the members of the public who are most vulnerable to the effects of Covid-19. Even the capitalist state could re-organise production and health care, both public and private, to meet the demand during the pandemic.

In the 21st century when our travel, communications, and trade systems are bringing the world further into a single unit or ‘global village’ the capitalist class retards and holds back these progressive developments which have emerged under capitalism. The fact we live in a globalised world means that it is much easier for humanity to follow and deal with new diseases or natural catastrophes. One hundred years ago it would have been easier for the authorities to hide such outbreaks of disease and it would have spread to unsuspecting states and communities as did the Spanish Flu Epidemic of 1918/19 in which millions died, perhaps over 50 million. The technology and science is now developed enough that soon a vaccine to Covid-19 could be developed, protective equipment could be mass produced and health services supplied. Capitalism does not see preventative health or anything that could ‘cure’ any disease as worth investing in as it won’t make a profit continuously. The capitalist states have created artificial markets and profit motives throughout the public sector over the last three decades much to the detriment of the population in general. The countries of Europe, inside and outside the EU and EEA, cannot even co-ordinate or organise a continent wide response to the pandemic however much they try. The system is simply not able to do so as effectively as possible within the capitalist mode of production. The same is true on a global scale. The capitalist states and their ruling classes would rather compete and fight each other. The rest of us suffer as a result.

The ruling class reliance on finance capital for its economic “growth” has yet again been exposed to its vulnerability and their ignorance of developments in the material world. Sellers are pulling out of the market and the FTSE 100 was in free fall. Then the US government announced a package to back up the economy for the duration of the health crisis. They will again head into an economic depression which it appears their “experts” were again unable to foresee or plan for. Capitalism is clearly moribund and is holding back human development and its ability to cope with crises. The inability of capitalism to coordinate resources and its obsession with socially unproductive economic sectors means that the pandemic could claim millions of vulnerable lives as the flu did in 1918.

March 2020