General Overview

Free market capitalism has hindered a properly scientific, evidence-based, humanitarian response to both the COVID-19 and climate crises. When governments are controlled by politicians that favor deregulation for corporations while frowning upon government intervention, poor people, the disabled, and those on the margins of society suffer disproportionately. For example, while many of the world’s largest corporations are enjoying windfall profits during the COVID-19 pandemic, millions of regular people are slipping into poverty. Here in the United States, economic aid for the unemployed and small businesses has been painfully slow to materialize, leading to an increase in economic insecurity.

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Billionaires have seen a dramatic increase in wealth during the COVID-19 pandemic. From March to June 2020, Jeff Bezos’ net worth increased by an estimated $48 billion. During this same period, former Microsoft CEO Steve Ballmer saw his net worth increase by $15.7 billion; Elon Musk’s fortune grew by $17.2 billion. Overall, as of October 2020, U.S. billionaires have seen their total net worth increase by $637 billion.

Relatively low prices for Western consumers often come at the expense of cheap labor in developing countries; low wages are usually accompanied by unsafe working conditions, lack of benefits, and hostility to unionizing.

The complex and extractive nature of the global economy created the conditions for both the climate crisis and pandemics like COVID-19 to emerge. The rapid spread of diseases like COVID-19 are the result of our global economy and globalized supply chains (which are dependent on fossil fuels), deforestation, and the displacement of wildlife. Government and civil society’s response to both pandemics and climate change have been hindered by the demands of global capitalism and its need for constant economic growth.

Moving Forward

More legislation is necessary to rein in the abuses of private corporations; regulations must be enforced to protect public health and safety from both the pandemic and the effects of climate change. We must be open to the possibility of altering our economic system to make it more equitable and responsive to the needs of Main Street rather than reflexively subservient to the needs of Wall Street.

We should explore alternatives like cooperatives, community banking, credit unions, and systems of pay equity. The social safety net must be strengthened, not slashed, if we are to mitigate the worst economic effects of pandemics and climate change.

Extractive industries and methods like deforestation contribute to climate change and the spread of pandemics. We should not predicate our economic growth on destructive practices that have the potential to undermine our civilization, our way of life, and the biosphere we and others depend upon for survival.

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