Capitalism in the Time of Crisis

In times of crisis the contradictions and cracks of the capitalist economic system are laid bare. During the 2008 global crash these contradictions were manifested in using public money to bail out banks while simultaneously cutting public sector pay and imposing hash austerity measures on ordinary people. These stark contradictions and blatant double standards caused many to become class conscious and even politically active in left wing organisations. Despite all this the capitalist economic system came out the other end of the 2008 crash and global recession still intact.

Now in 2020 the world faces another global crisis. This time the crisis is what is widely known as the coronavirus or Covid-19 to be exact. Though this crisis did not originate in the financial institutions it still shines a light on the same contradictions and cracks that will always plague capitalism. In the rapidly developing news surrounding the coronavirus there has been many examples of how capitalist market approaches not only fail to deal with the virus but in fact enable its spread. For example in the US before testing for coronavirus was made free there were reports in marketwatch.com of people being charged between $983 and $3,270 for being tested for the virus. With costs this high working class people were undoubtedly discouraged from seeking a test if they had symptoms thus letting the virus spread undetected.

The US led economic sanctions on Iran have prevented the Iranian government from buying medical equipment internationally and even importing the testing kits for the virus has proved difficult. These sanctions have directly caused Iran to become one of the worst hit country’s by the virus. Make no mistake at the root of the sanctions is these capitalist quest for Iranian oil and national resources. The US has also imposed harsh sanctions on another oil rich nation Venezuela for daring chart its own socialist path. In Venezuela the sanctions were already preventing the import of medicines such as insulin which has caused the deaths of patients. at present its to early to tell just how devastating the mixture of crippling sanctions and coronavirus will be for Venezuela.

However, in contrast to the cracks and contradictions of capitalism some are paving a left wing path through the crisis. Cuba has developed ‘Interferon Alpha 2B’ an antiviral drug that has been found to be successful in treating coronavirus patients. Cuba has made this drug available for free for the good of public health. They have also teamed up with China to produce the drug on a bigger scale. Cuba has a long history of dedication to global public health and that dedication is continuing during this crisis with missions of highly skilled Cuban doctors being sent to different virus affected country’s. One of the most recent missions is the group of 52 doctors to north Italy, one of the worst affected regions. China is also been playing their part. In the last few weeks China has sent plane loads of ventilators, masks and medics to Italy and France. The Spanish government has even nationalised private healthcare giving those who argue for market based solutions a body blow. Around the world state led solutions rather than private market solutions are beginning to win out. If there’s one positive we can take from times as dark as these its that.

le Matthew McLaughlin