After the lockdown: what will capitalism look like? The coronavirus pandemic has exposed the underlying contradictions of capitalism, triggering a deep crisis on the scale of the 1930s. There will be no rebound after the lockdown ends, but a prolonged economic depression.
The state attempts to rescue collapsing capitalism The IMF declared at the beginning of April that we have entered into “the worst economic downturn since the Great Depression”. Yesterday, their perspective was confirmed when figures released for the US showed a rate of 4.8 percent decline. Today, the figures are out showing a 3.8 percent contraction in one quarter in the Eurozone. The disastrous handling of the coronavirus pandemic sharpened an economic crisis that was already in the making.
Ruling class flounders faced with the worst crisis in the history of capitalism The pandemic spreading across the world has triggered a global recession. The ruling class is scrambling to find means of cushioning this savage blow to the economy. In their desperation, they are breaking all the rules that have governed their policy for the past 80 years. The capitalist system is facing its worst crisis ever.
