Covid Crisis - Extreme Injustices and Inequalities of the Global Economic System

Scope:

Despite severe hardships, Covid-19 brought the best out of common people. It showed solidarity, resilience, and creativity of the people to deal with the pandemic. At the same time, it is laying bare the reality of capitalism and neo-liberalism, the extreme injustices and inequalities of the economic system.

Governments around the world are busily exploiting the coronavirus crisis to push for no-strings-attached corporate bailouts and regulatory rollbacks, including billions to the multi-nationals accused of tax evasions.

Large multi-national corporations and the richest 10% of individuals had a bumper year. The money is being showered on them, while small businesses are suffering or closing down. For example, Pfizer has already made an estimated $975 million from the vaccine last year and is expected to earn another $19 billion in revenue from the vaccine in 2021, not to mention the dramatic increase in personal wealth of the richest individuals.

Rich nations,…