engleski

Pandemic paradigm shift

The surprising outbreak of an anticipated virus has exposed that the profit‐centered mode of production renders a dysfunctional society, with a high incidence of pandemic‐prone diseases. Consequently, the global health crisis and subsequent economic collapse threatening the existence of billions reveal the ultimate market failure from both heterodox and radical theoretical viewpoints. The demise of markets and capitalist systems calls for a straightforward economic intervention and radical transformation of the way societal production is conceptualized. This paradigm shift must deprioritize economic growth driven by the omnipresent commodification of all social relations and must furnish a viable alternative provided by the political economy. The starting point for such fundamental change in the dominant discourse must be rooted in balancing between the needs and wants, and in creating an environment in which properly understood self‐interest would bring about a sustainable and equitable increase in societal well‐being.

economic crisis ; market failure ; economic interventionism ; pandemic ; coronavirus ; COVID-19

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