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Due to the penetration of capitalism and privatization in the insurance and health sectors, the virus has been able to express its worst devilish form in the capitalist countries, especially the US. Lack of proper public distribution system, educational and social inequalities are hurting the common man more than ever.
The wrath of a virus has demolished all the aplomb the world has kept of itself and all the so called developed countries are struggling to vigorously sew their teared veneer. The capitalist order of the world has miserably failed to handle this unforeseen disaster and displayed its ugly teeth of improvidence when it comes to the protection of the impoverished. All the paladins of privatisation, liberalisation and capitalism should take a moment to introspect the deadly pitfalls in their advocated economic and social course. Notably, the capitalist countries which have abnegated the sceptre of control of the State even from the most imperative sectors such as health and education to the wimps and fancies of the private individuals are the worst affected in the pandemic. The invincible conviction of development as the necessary corollary of competition has been proven wrong by a microorganism.
Worst Nightmare of Capitalism
The dangers of Adam Smith’s gospel are apparent. The policies of the capitalist leaders to reign in the downfall of their economy as well as to check the societal unrest are constantly failing. When the demands fall there is only one way the price and profit could move. The capitalist economic order which was heavily buttressed by the unnecessary consumption and spending culture of the new generation have received a severe blow. The gist which lies between the lines is, if the people are consuming only the things what they really want, the capitalist bubble will face an inevitable burst. The US Chief Economist of Oxford Economics has predicted that 27 million jobs will be lost in the US. Also, during the second wave of unemployment, all sectors will face the heat of layoff, irrespective of the colour of their collar. Even the health professionals who are not part of the pandemic services would be receiving the pink slip. The situation of the other developed countries such as UK, Germany, UAE etc. are not less dire. The unhealed wounds of the 2008-09 recession is still hurting the capitalist economy. Abysmally low interest rates of the banks were aiding the governments and corporations to easily solve their perplexed issues, also, the money injected by the central banks to the economy on zilch interest neglecting the inflationary threats was keeping the capitalist machineries in traction. However, the skyrocketed share market rates and the pipe dream levels of assets and values are now facing a downward eddy. However, the people at the top of the pyramid will still be safe. The governments will bail them out as usual on the cost of bottom mass, a lemon socialism card (Profit for the private and debt is for all) which the government used to pull during the tough times. Nonetheless, this time not only the wealth but of the lives of people are taking the toll. Due to the penetration of capitalism and privatization in the insurance and health sectors, the virus has been able to express its worst devilish form in the capitalist countries, especially the US. Lack of proper public distribution system, educational and social inequalities are hurting the common man more than ever.
Left, Left with the Last Laugh.
Interestingly, the countries which keep a socialist and welfare order are successfully defending the pandemic. The countries which have an efficient public health system and universal health scheme including South Korea, Singapore and Thailand have shown miraculous performance in containing the disaster. The abetment of Cuban government and “the army of white coats” was hailed by the entire globe. Before the Cuban revolution 90% of the health facilities were concentrated at the capital Havana. The socialist pattern implemented in the health system has increased the penetration of health facilities to the rural area and the Cuban health system has become an epitome of public health structure. To be noted, the Indian states which exhibit a stunning performance in handling the COVID with a well established public health system is more than a coincidence. The states such as Kerala and Tamil Nadu have invested much in developing their public health and educational system and it is now evident from the startling performances of these states in these spheres.
Not Only health and education, the involvement and stewardship of the government is required in multiple other sectors. The need of an impeccable public distribution system, energy, the fist of government over the disobedient and negligent market economy and labour rights does not have to wait till another pandemic. Obviously, the complete iron clamped control of the government over market economy would lead to an inevitable destruction, which is evident from historical examples. However, the governments should not be reluctant to play an active role in health, education and distribution of the essentials to the people. Also, the governments should ponder before opening the floodgates of privatization and liberalisation. Let the pandemic be an eyeopener for the world leaders and let us hope there will be some silver lining.
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