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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

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