Beginning to reimagine capitalism after the pandemic (2)

Biodun Jeyifo


WE concluded last week’s opening piece in this series on how the human and economic depredations of Covid-19 have so fatally crippled the private capital of the giant capitalist corporations that only the wealth, only the “capital” of the governments of the world can come to the rescue, not only of poor and working people but of the capitalists themselves. I wish to use this observation as the jumping off pad for this week’s concluding piece. To do so, permit to me express this point plainly: employers and employees, the fat cats of the stock exchanges and the leaders and representatives of the struggling masses of the people, both are at last in the same boat. Each of them, both of them are looking for bailouts, for stimulus packages from the governments of the rich countries of the world.

Here’s a concrete illustration of what this has entailed. In many of the European countries, the governments have taken over from failing or collapsed corporations…

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