The United States and the broader world are experiencing a shock not felt since World War II, if not before. U.S. gross domestic product may plunge 34%. A roll of toilet paper is now more valuable than a barrel of oil, and tens of millions of workers who were employed just a month ago now find themselves out of work. Whole industries from restaurants to airlines are decimated, and department stores may be a thing of the past. It has become tempting in a number of quarters to blame capitalism.
Capitalism has been under siege for some time. Last October, Pope Francis wrote, “The battle against hunger and malnutrition will not end as long as the logic of the market prevails.” A commentary in Barron’s concluded, “Once the immediate public-health crisis has passed, there will be tremendous temptation to go back to the old ways. This must be rejected categorically,” suggesting that the pandemic recession should end shareholder capitalism. “Coronavirus stimulus and disaster plans reveal cruelty of capitalist and political ‘reality,’” a headline at NBC News read. Naomi Klein, chair of media, culture, and feminist studies at Rutgers University, wrote at the Intercept about “Coronavirus capitalism — and how to beat it.” Climate activist Eric Holthaus tweeted, “We need a Green New Deal with a robust public safety net. … Capitalism is failing in front of us.” Famed primatologist Jane Goodall said that the pandemic arose because of man’s disrespect for nature.
