The pandemic has changed the world drastically. Even a few months back, having a cup of tea with your friend in a restaurant was a daily thing. But, today you can’t even meet your friends without giving a second thought to your plan. This is how the pandemic has altered our ways of life. It has also impacted the economies across the world significantly and mostly adversely.
There is no doubt that we all are desperately willing to go back to the pre-pandemic normal. But, according to many reliable sources, the same will probably not be possible any time soon. Some of the changes the pandemic brought to our lives are likely to be with us for a long time.
However, if we can take a closer look into the economy and its operations, capitalism was the realm of the day before the pandemic. Indeed, it is going to be the one when the pandemic would be over as well. When the world chose capitalism over the other forms of the market, it focused on some critical parameters. Here is a brief of the aspects for which capitalism stands as the ideal most option in today’s world.
One of the reasons why the world chose capitalism over the other forms of the market was its ability to offer a free-market environment. Free markets under capitalism offer a more expansive space for the competition to flourish. This, in turn, pushes the prices down for several commodities and services, making them affordable for a more significant population. New entrepreneurs also feel encouraged under a free market economy regime.
So far as prosperity, opportunity, and innovation are concerned, the capitalist market offers a plethora of options. However, without regulated and proper execution of any variety of market economy, the same fails to offer the optimal benefits. Also, social dynamisms have to be in place and orderly to ensure a smooth operation of the market.
The same is true for capitalism as well. In the last few decades, the world has witnessed how capitalism enhanced the gulf between the rich and the poor. While eradicating inequality was the primary aim of capitalism, it deepened the rifts.
Another aspect that demands much attention at present is the environmental issue. Random growth of industries without proper control of their carbon emission policies has worsened the environmental situation rapidly. Today, with a disturbing level of global warming, melting the icecaps like never before, we have to put the environment first, if survival is anywhere on our agenda.
Most of the industry giants manipulate the leaders and the politics by feeding money unscrupulously to continue production negating the environment safety protocols. The problem is within the short-run profit maximization motive that drives the businesses across the globe.
Most entrepreneurs fail to anticipate the amount of damage they are causing to the future while not abiding by the environment safety norms today. However, sustainably profitable business and an agile economy can only be had if we stop damaging nature on our way to reach optimum profit levels.
The Revised Capitalism
The form of capitalism that exists today does not focus on the long-term pros and cons of its operations. The future world needs a better and a revised version of the existing capitalism if returning to a sustainable new normal is on our mind. While the pandemic has undoubtedly taken a toll on the population and the economies with millions dead and jobless, it has also surfaced the shortcomings of the existing systems.
The pandemic reconfirmed that even the slightest agitations at the grass-root level of the population can impact the topmost layers of the population. Hence, we have to reinstate equality and equitable resource distribution across the socio-economic layers to ensure a brighter and sustainable future.
Enterprises should come forward to restrict the carbon footprints industries leave behind on the planet. Responsible use of energy and resources is another aspect that all industries should be aware of. If you did not allow the renewable resources enough time for replenishment, scarcity would be on its way. The world is already experiencing a shortage of groundwater availability. This might become all more challenging in the coming years if we fail to address the problem today.
We have to keep in mind that apart from the challenges, the opportunities the pandemic offered us should also be considered. The system must evolve to shed off the outcrops like racism, discrimination, income inequalities, and environmental hazards. The COVID free future world that we all are imagining will only be an inhabitable place if the market systems evolve to be more inclusive.
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