Advertisement
Thursday, Oct 28, 2021
Outlook.com

OPINION | Liberal Capitalism Is Bust, But What Next?

Unless monopolies are regulated and wealth redistributed, the ‘after corona’ world order will be dystopic, write Purushottam Agrawal and Ritwik Agrawal

OPINION | Liberal Capitalism Is Bust, But What Next?
Photograph by PTI
OPINION | Liberal Capitalism Is Bust, But What Next?
outlookindia.com
2020-05-10T12:37:32+05:30

“The modern world-system, as a historical system, has entered into a terminal crisis and is unlikely to exist in 50 years. However, since its outcome is uncertain, we do not know whether the resulting system (or systems) will be better or worse than the one in which we are living, but we do know that the period of transition will be a terrible time of trouble.”

So predicted the social scientist Immanuel Wallerstein in his 1999 book, The End of the World As We Know It. Two decades on, we contemplate such a possibility with the post-COVID world: it will surely not just be life as usual. Pandemics have more than once changed the course of history. No less than The Wall Street Journal proclaimed on April 26, “Coronavirus means the era of big government is…back.” The question is: in which direction will the present pandemic, and our response to it, take us? Better or worse?

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

LIVE | Aryan Khan Bail Petition Enters Day 3, Bombay HC To Hear Plea Shortly

LIVE | Aryan Khan Bail Petition Enters Day 3, Bombay HC To Hear Plea Shortly

The Bombay High Court will hear the petitions of Aryan Khan, Arbaaz Merchant and Munmun Dhamecha after 2.30 pm.

Haryana: 3 Women Farmers Returning From Protest Killed After Truck Hits Them At Tikri

Haryana: 3 Women Farmers Returning From Protest Killed After Truck Hits Them At Tikri

The accident, which also left two women injured, took place when the women were waiting for an autorickshaw to go to Bahadurgarh railway station after attending the farmers' protest.

'I Am Not Racist': De Kock Apologises, Will Take The Knee

'I Am Not Racist': De Kock Apologises, Will Take The Knee

Quinton de Kock has apologised for not taking the knee with his other South African teammates during the T20 World Cup match against the West Indies. The South African wicket-keeper batsmen said it was a "misunderstanding."

Explainer | Why India Celebrates Vigilance Awareness Week Every Year

Explainer | Why India Celebrates Vigilance Awareness Week Every Year

This year, the theme of the Vigilance Week celebrations is 'Independent India @ 75: Self Reliance with Integrity'.

Advertisement