- Question
Will coronavirus herald the end of capitalism?
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?
Yes, without spending, capitalism will collapse
This position holds that coronavirus could end capitalism because, without spending, the system collapses. It argues capitalism depends on the voluntary exchange of goods, competition, and private property—so when lockdowns halt that exchange, its very foundation gives way.
Yes, as international connectivity is being destroyed
This position holds that coronavirus could end capitalism as international connectivity collapses. It argues that easy global travel and trade are essential to the free market, and that the pandemic is dismantling the global supply chains — built on inequality — that capitalism depends on.
Yes, because it is a shared global experience
This position holds that coronavirus could end capitalism because it is a shared global experience. It argues that historically, worldwide events with life and death at stake have triggered economic overhaul, and that the common ordeal of COVID-19 will ignite lasting social change.
No, capitalism is too ingrained in the way we live
This position holds that coronavirus will not end capitalism, because it is too deeply ingrained in how societies work. It argues that capitalism underpins nearly every modern economy, that even strong welfare states rely on it, and that many still see it as the best way to run an economy.