Skip to main content
Capitalism Needs To Be Supervised
A stack of £1 coins is seen with the new £10 note alongside US dollar bills on October 13, 2017 in Bath, England
Photo Illustration by Matt Cardy/Getty Images

Capitalism Needs To Be Supervised

Irwin M. Stelzer

Nanny, where are you now that we need you? The coronavirus has proved that capitalism needs more than the mild medicine called “reform”; it requires ongoing supervision if it is to survive. Not because the pandemic is disrupting economic activity, which it is, but because capitalists are adding what can only be called irresponsible pillaging to the enervating effects of the virus.

The survival of capitalism depends on its acceptance by a majority of people working, buying, selling and, in the end, dividing the wealth created by the system in a manner generally regarded as “fair”.

Definitions of that elusive concept vary, but repeated proof that the system is unfair, rigged and loaded in favour of the wealthiest and hence most powerful is obvious to the untutored eye, now that Covid-19 has removed all blinkers.

Read the full article in The Times

Related Articles

Counterbalance | Ep. 7: Gadi Taub on the Political Deadlock in Israel

Michael Doran & Marshall Kosloff

Israel just had its fourth election in two years and is still struggling to form a government. Israeli professor, pundit, and screenwriter Gadi Taub t...

Continue Reading

Japan Is Now Our Most Important Ally. Here’s Why.

Kenneth R. Weinstein

On Friday, Prime Minister Yoshihide Suga of Japan will be the first head of government welcomed to the Biden White House. This is no coincidence: give...

Continue Reading

How Beijing Is Testing the Biden Administration

Tim Morrison

The Chinese government welcomed President Joe Biden to office by sanctioning 28 former Trump administration officials (and their families) on Inaugura...

Continue Reading