Is the market economy finally falling off its pedestal?
In this short article in Dutch daily Trouw, Professor Irene van Staveren discusses the impact of the corona crisis on the status of the economy.
Professor van Staveren argues that the current crisis, unlike the financial crisis of 2008 will lead, has in fact already led, to a shift in the centrality of economic considerations in making social and political decisions.
She contends that the 'holy grail' of economic growth and competition has been pushed off its pedestal as we see a move towards more solidarity-based economic. She sites hospitals that no longer compete for scarce resources needed to treat Covid-19 patients but pool their resources to ensure that those most in need receive them first.
Other examples include manufacturers shifting production from their usual products to goods needed to fight the virus and a more centralized coordinating role for governments - local and national - in distributing goods to where they are needed most.