Economics

Even before the outbreak of the Covid-19 pandemic, America, like most higher-income countries, was already heading toward a neo-feudal future: massive inequality, ever-greater concentrations of power, and increasingly widespread embrace of a uniform (albeit secular) religion. The pandemic, all too reminiscent of the great plagues of the Middle Ages, seems destined to accelerate this process.  read more »

“Small-scale commercial production is, every moment of every day, giving birth spontaneously to capitalism and the bourgeoisie…wherever there is small business and freedom of trade, capitalism appears.”— V.I. Lenin  read more »

Like the rest of the country, although far less than New York, California is suffering through the Covid-19 crisis. But in California, the pandemic seems likely to give the state’s political and corporate elites a new license to increase their dominion while continuing to keep the middle and working classes down.  read more »

California has, at least to date, escaped the worst effects of Covid-19.  read more »

The long-term effects of the coronavirus outbreak on our society and business landscape are yet to be determined. But one thing we know is that a big swath of American businesses is conducting a large-scale experiment with remote work (aka work from home). Many of them have also made large investments in infrastructure to support it; one company bought 20,000 laptops for their employees, for example. The coronavirus shutdown will create new capabilities for remote work within firms large and small, and produce a treasure trove of findings about what works well and what doesn’t.  read more »

Long after the pandemic has receded, its long-term impact on our society and political life will continue. Just as plagues past have reshaped the trajectory of cities and civilizations, sometimes with fearsome morbidity, COVID-19 is already having a profoundly disruptive impact on our political future.  read more »

The COVID-19 pandemic is likely to widen even further the growing class divides now found in virtually every major country. By disrupting smaller grassroots businesses while expanding the power of technologies used in the enforcement of government edicts, the virus could further empower both the tech oligarchs and the “expert” class leading the national response to the crisis.  read more »

The COVID-19 pandemic will be shaping how we live, work and learn about the world long after the last lockdown ends and toilet paper hoarding is done, accelerating shifts that were already underway including the dispersion of population out of the nation’s densest urban areas and the long-standing trend away from mass transit and office concentration towards flatter and often home-based employment.   read more »

Shutdowns mandated by the coronavirus are a pending apocalypse for small businesses, which employ 48 percent of American workers. The average small business has only 27 days’ worth of operating costs in cash reserves, with many holding far less than that. Businesses that either can’t reopen or are suffering a big drop in revenue will soon be insolvent. Some have already announced that they will be shutting down.  read more »

The COVID-19 pandemic has highlighted class inequalities. Commentators in the US, UK, and Australia are acknowledging that working-class people are more likely to suffer as a result of both the virus and the measures put in place to contain its spread.  read more »