The corona crisis has made it extra clear that capitalism is only one way the market can take form. It can also be quite different. What follows is a plea for a post-corona economy in which the market is once again embedded in the community and can be better regulated by the state.
In this article entitled 'Post-Covid Economy Beyond Capitalism', Professor Irene van Staveren considers what the economic theories of Karl Marx and Adam Smith tell us about the viability of a the market in a post-capitalist economy.
She asks 'What exactly is capitalism anyhow, and how can it be distinguished from the market?' According to both Smith and Marx, capitalism is a certain expression of the market and cannot be equated with the concept of the market itself. The market can therefore also be envisioned differently – for example in a post-capitalist economy, an economy that no longer displays the specific characteristics of capitalism.
- Professor