The Pandemic Alone Can’t Transform Capitalism
COVID-19 has caused unprecedented disruption to the world economy, shining a harsh light on the frailties of global capitalism. But there won’t be a progressive paradigm shift coming out of the crisis without a dramatic upsurge of collective action.
Latin America and the Caribbean experienced the worst economic contraction in the region’s history. (Santiago Sito / Flickr)
The COVID-19 pandemic hasn’t just been an unprecedented global health crisis. It has also had profound implications for the world economy. Eighteen months of lockdowns and emergency support measures have transformed our understanding of what’s possible. But will the crisis have any lasting impact on the structures of power and privilege that underpin global capitalism?
Ramaa Vasudevan teaches economics at Colorado State University. She is the author of Things Fall Apart: From the Crash of 2008 to the Great Slump.
This is an edited transcript from an episode of Jacobin Radio’s Long Reads podcast. You can listen to the episode here.
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