What is a better choice?
The capitalist economy where the economic and political resources are controlled, produced and distributed by the private enterprises or the socialist economy where the means of production, distribution, and exchange are owned and regulated by the community as a whole.
It’s the time of health crisis.
But it is also the time of the financial crisis.
Where do we see ourselves in the near future?
After one year?
Or maybe after 2 years?
That is the question that pops in our mind. Without even a single doubt
in our minds, we know that both types of economy are suffering right now. But the worst hit by the pandemic is the “CAPITALIST ECONOMY”.
WANT TO KNOW HOW?
Every city and each street of the city is locked down. Then how will the private firms operate?
“WORK FROM HOME” is a solution to some problems, but not all.
The technical work continues to suffer. As the labourers are locked down in their houses, the factories are becoming solitary places.
The travel industry is hit the hardest due to obvious reasons.
The hotels, pubs, and casinos, which used to be flushed with folks, have now turned into the haunted places. Where there used to be a long line before the entry gate, those places loom for the existence of a soul today.
Every sector, be it primary, secondary or tertiary, is hit hard by this harsh reality. And this is exactly the condition of the Capitalist Economies.
We have taken a downturn towards the “GREAT DEPRESSION“.
What will the leaders of these capitalist economies say?
That COVID-19 was an unrecognizable pandemic.
This is what the people get for their loyalty and hard work?
That the high authorities will have to choose between saving the economy and saving lives. Forget about the protection and compensation, the people won’t even get enough for their survival during this grave pandemic. The capitalist minds have adhered to the profit-making business.
The most screwed up labourer class has been left unprepared for this catastrophe.
THE CONDITION OF SOCIALIST ECONOMY
Despite the utter negativity all around, the socialist countries are a bit in the positive light. These are the economies that are answerable to their people. A community is better than an individual. Team efforts are always applauded with good results.
Various communities in these socialist nations are working day in
and day out to contain the virus and protect its people.
India is one such example. The whole world is recognizing the efforts of
this socialist country, not only nationally but also on the global platform. The sole reason for such an outcome is the UNITED efforts.
WHAT THE EXPERTS SAY?
Michael J.Hicks, an Economist, the Director of the Center for Business and economic research at Ball State University says, “The entirety of the problem surrounds the loss of income for primarily ‘low-wage workers’, the risk that a significant share of small-to-medium size enterprises will fail in the coming weeks, and finally, that state and local governments will be unable to finance the response and recovery”
The Indian experts say that though the Indian economy looms day after day, yet some measures by the RBI are propounded to contain the economic crisis.
DID COVID-19 PAVE A PATH TOWARDS HUMANITY?
From the experience of the above two kinds of economies, the outcome is very clear for the ones who want to listen.
The COVID-19 crisis has shown us the mirror to us.
What we were doing in this life?
So blinded by the race to earn profits, we lost humanity somewhere.
This adversity has helped us to walk through our minds and heart to consider our actions. This is the grave time to get together and work as one.
In the gloomy and dark shadows of negativity and pessimist, let’s try to burn a fire of hope and positivity. We must contribute our parts to make a more humane work for the coming times. So that once this darkness surrounding the world ends, we have something in common to cling upon.
Hope to hold!!
A dream of a better world to live in!!