Has coronavirus inspired a war on capitalism?

May 23 2020 – The COVID-19 pandemic is a historical test for the capitalist system. Primarily, one of the weakest aspects of the system is that it did not and has not been able to solve the problem of capital and savings failure to be spread to the bottom. The issue of inequality among the economic stakeholders and the problem of inheritance and wealth disparity caused by capitalism’s legal and justice systems have both become more visible with the social and economic troubles triggered and escalated by the global virus outbreak.

The U.S.’ wild capitalism has deepened the problem of inequality, as it neglects and overlooks the most basic duties of the state in the name of social statism, especially in health and education, while also disregarding the most basic rights to life of the citizens of every country and deepened the fractures that led to various social divisions in society. It has sparked discriminating debates in worker-employer relations instead of reconciling approaches.

Europe’s inclusive, embracing capitalism provided a glimmer of hope. With the end of the Cold War, however, the European continent also chose to join the fierce competition found in U.S. capitalism. On the other hand, the essence of capitalism is the “fair sharing of added value” and an increase in the marginal benefit of production factors, for both labor and capital.