The world is most probably under the second most economically devastating situation in modern history after “the Great Depression”. COVID-19 pandemic aftermath is massive, and it might force major changes in a lot of sectors in the world, including capitalism.
COVID-19 pandemic and capitalism: people before nickel
A lot of people suffer from COVID-19. The suffering is beyond the virus itself, it has expanded further to people’s economy. Thousands of employees lost their sole income due to the sudden lay off decisions. Poverty and famine are real terrors to some others. Everything calls for better treatment for employees. CNN Business pointed out better-designed unemployment benefits are definitely one of the needed changes in the future.
CNN Business also mentioned that the current situation leads to averting more concern to workers’ welfare. Bear in mind that welfare goes beyond economic benefits. Welfare also includes education and health care. Providing suffice health care is as important to maintain their workers in the best condition.
Equality and sustainability in capitalism
The World Economic Forum called the need upon a new, resilient, equitable, and sustainable investment system. Ensuring investments shares the same goal, such as equality and sustainability, is another part of the vital change. More incentives for ESG-based corporates will be much more benefits for the collapsing earth.
Debt’s influx arises concerns
It is a known fact that debt has become a serious issue worldwide. A lot of individuals, companies, and even countries are tied to debts and experience deficits. This calls for reforms for equitable outcomes. Wealth taxes, withdrawal of fossil-fuel subsidies, and new property, trade, and competition-related laws are some points mentioned by The World Economic Forum.
The forum also advises the governments for improvements in their coordination, such as tax regulatory and fiscal policy. Overall, it is important to address much more fair outcomes in the market as one of the changes.