If Big Pharma and governments around the world can't figure out how to produce and distribute the COVID-19 vaccine quickly and efficiently, it will be a blow to the idea of capitalism, writes Mihir Swarup Sharma in an op-ed.
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The global vaccine crisis is a test of capitalism: Mihir Sharma
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Last Updated: Apr 26, 2021, 12:00 PM IST
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Synopsis
The greatest argument in favor of regulated markets is that they manage production better than any other system. Done properly, regulated market capitalism is supposed to match supply and demand, and provide the right incentives. Productive capacity is built, not wasted. Buyers and sellers are connected. Innovation thrives and benefits everyone.
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The 2008 crash tested financial globalization. In 2020, the chaos of the early months of the Covid-19 pandemic led many to question the world’s dependence on complex global supply chains. These last few months, however, as vaccination programmes have taken off in some parts of the world and stalled in others, have raised even deeper doubts about globalization and the capitalist system. Unless governments act soon, capitalism itself could face a crisis of credibility.
Why global vaccine crisis is a test of capitalism
Why global vaccine crisis is a test of capitalism
Rich-country governments should, in particular, consider how to pay for the renovation and expansion of facilities in the developing world to prepare them to make vaccines under licence.
Mihir Sharma 26 April, 2021 9:18 am IST Text Size:
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The 2008 crash tested financial globalization. In 2020, the chaos of the early months of the Covid-19 pandemic led many to question the world’s dependence on complex global supply chains. These last few months, however, as vaccination programmes have taken off in some parts of the world and stalled in others, have raised even deeper doubts about globalization and the capitalist system. Unless governments act soon, capitalism itself could face a crisis of credibility.