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Wednesday 4 November 202018.00
Apologists for capitalism argue that it is the best, most-efficient system that could ever possibly exist. But the current period of crisis and chaos proves otherwise. The COVID-19 pandemic has triggered an economic collapse that threatens to send the world into a full-blown depression. The economy is dropping faster and further even than the 2008 crash.
 
After a decade or more of anaemic growth and minimal job creation, even these small gains have been wiped out overnight. In the UK, GDP fell by 20% just in April. Unemployment has skyrocketed across the world. The ILO predicts that 1.5 billion people globally will lose their incomes as a result of this crisis and various charities have predicted ”a biblical starvation”, with 265 million facing famine and hunger.
 
But we shouldn’t believe the analysts of the ruling class when they blame the economic crisis simply on the virus, implying that there will be a swift recovery when the pandemic is over: capitalism was already teetering close to the brink, and Marxists were pointing out that it wouldn’t take much to push it over the edge. In this sense, the Covid-19 pandemic is a historical accident that has exposed the rottenness at the heart of the system.
 
The advocates of bourgeois economics, Keynesianism or ”new” trendy academic ideas cannot provide a real solution to this crisis. Only the Marxist method can explain why capitalism has failed, and what the way forward is for humanity.
 
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