It was the virus that did it
I’m sure when this disaster is over, mainstream economics and the authorities will claim that it was an exogenous crisis nothing to do with any inherent flaws in the capitalist mode of production and the social structure of society. It was the virus that did it. This was the argument of the mainstream after the Great Recession of 2008-9 and it will be repeated in 2020.
As I write the coronavirus pandemic (as it is now officially defined) has still not reached a peak. Apparently starting in China (although there is some evidence that it may have started in other places too), it has now spread across the globe. The number of infections is now larger outside China than inside. China’s cases have trickled to a halt; elsewhere there is still an exponential increase.... Michael Roberts