Loading Future Keynotespeaker Gerd Leonhard

Loading.....

Covid19 and the crisis of capitalism (Good read via WEF)

READ THE WEF STORY

Coronavirus and capitalism: How will the virus change the way the world works? (WEF)

“Capitalism is facing at least three major crises. A pandemic-induced health crisis has rapidly ignited an economic crisis with yet unknown consequences for financial stability, and all of this is playing out against the backdrop of a climate crisis that cannot be addressed by “business as usual.” Until just two months ago, the news media were full of frightening images of overwhelmed firefighters, not overwhelmed health-care providers. The COVID-19 crisis is exposing still more flaws in our economic structures, not least the increasing precarity of work, owing to the rise of the gig economy and a decades-long deterioration of workers’ bargaining power. Telecommuting simply is not an option for most workers, and although governments are extending some assistance to workers with regular contracts, the self-employed may find themselves left high and dry. Worse, governments are now extending loans to businesses at a time when private debt is already historically high. In the United States, total household debt just before the current crisis was $14.15 trillion, which is $1.5 trillion higher than it was in 2008 (in nominal terms). And lest we forget, it was high private debt that caused the global financial crisis”.  READ THE WEF STORY



Tags

Cookies & Policy

By using this site you agree to the placement of cookies in accordance with our terms and policy.

BEST OF VIRTUAL KEYNOTES

CLICK PLAY TO WATCH THIS NEW VIDEO