Abstract
Given the utterly painful short-run chock of COVID-19 as well as the looming long-run threat of climate change, radical scholars suggest that the prevailing global economic system is flawed. Capitalism must be replaced by something else, but what? Klein discusses “Corona capitalism” and Chomsky dreams about an anarchistic economy. Piketty, Krugman and Stieglitz all call for major changes to American capitalism in particular. The fall in income will be dramatic for Western economies, but income constitutes the wealth of nations.
Highlights
Given the utterly painful short-run chock of COVID-19 as well as the looming long-run threat of climate change, radical scholars suggest that the prevailing global economic system is flawed
Capitalism must be replaced by something else, but what? Klein discusses “Corona capitalism” and Chomsky dreams about an anarchistic economy
The Western economies have been brought by a state of near standstill by the short term onslaught of the COVID-19 virus
Summary
1. Introduction The Western economies have been brought by a state of near standstill by the short term onslaught of the COVID-19 virus. The mixed economies in Europe offer a healthy system of basic protection for wage earners, but the EU area holds a large amount of greedy capitalism. Contemporary capitalism is based on market economy, the institutions of which were introduced around 1700, providing European nations a major economic advantage. How to protect wage owners and reduce predatory capitalism within market economies?
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
