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< Back to question Will coronavirus herald the end of capitalism? Show more Show less

The US is already experiencing record unemployment, and stock markets are crashing all over the world. The economic impact of coronavirus is already huge. Does this mean the end of capitalism? Or are we reading too much into this economic shock? Previous economic crashes, such as 2008, made no change at all to the global capitalist economy, so why would coronavirus?

No, capitalism is too ingrained in the way we live Show more Show less

Capitalism is so intrinsic to the fabric of (nearly) every nation on Earth, it will take more than a pandemic to shake it off.
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Capitalism is necessary for stability

A country's economic institutions are a key indicator of its social and political instability. As society readjusts and seeks normalcy after the pandemic, overhauling these would only serve as another source of uncertainty.
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Proponents


The Argument

Capitalism and democracy are the cornerstones of nearly every Western democracy. Even countries with a strong social safety net engage in capitalism in order to keep their economies alive and prosperous. While there may be changes to some socioeconomic structures as a result of the pandemic, capitalism is too ingrained in the fabric of many societies for it to be thrown into the trash bin of history. Most importantly, many believe that it is still the best way to conduct an economy.[1] The economic and social crisis caused by the pandemic has made many people wary, and desperate for normalcy. To completely dismantle the economic structures of many democracies, that would spell more change and disruption when many would prefer a return to stability and calm.[2] To be sure, the pandemic will shuffle some of the structures of the economy. However, capitalism will still be the foundation of most democracies, even if they begin to look slightly different.

Counter arguments

Premises

[P1] Capitalism is foundational to the economies of most democracies. [P2] Amid the pandemic, most are desperate for normalcy and a return to how things were. [C] The dismantling of capitalism would be too disruptive for most to embrace, and a return to stability and normalcy is better in the short term .

Rejecting the premises

[Rejecting P1] Many countries are having a leftward expansion, embracing systems typically associated with more regulated economies. [Rejecting P2] The pandemic has boosted revolutionary social activist movements, such as the Black Lives Matter protests. [Rejecting C] The current trajectory of many democracies, coupled with a desire for change may be enough to gather support for a dismantling of capitalism.

References

  1. https://foreignpolicy.com/2020/01/15/socialism-wont-work-capitalism-still-best/
  2. https://www.digitalinformationworld.com/2020/06/search-data-shows-anticipation-for-return-to-normalcy-after-covid-19.html

This page was last edited on Sunday, 12 Jul 2020 at 19:09 UTC