Corona virus and global capitalism

Dr Nasser Hussain Bukhari

Corona virus and global capitalism

by, Dr. Nasser Hussain Bukhari

Corona virus will be a catalyst for rejuvenating neo-liberal global capitalism. The world ‘s largest producers of all commodities either perishable, or capital goods are hi-tech economies equipped with production capacities. As far there is the question of biowar, Bill Gates warned about microbes and viruses as a grave threat instead of weapons in 2015 in his TED Talk show.

Second, the fact has come forth that the Gates Foundation and some other companies (MNCs) were planning to develop and launch a vaccine for the disease of the respiratory system. In the beginning, it was taken that divulging of  these facts as a conspiracy theory. But last night Trump and Roche company announced the testing of the vaccine. So, critical analysis exposes that there was something wrong in the bottom.

The most important issue is that the global economy is apparently crashing, but indeed, capitalists economies have the capacity to sustain. China has suffered badly but is able to survive, the USA and Israel are about to launch vaccines.

As far as communism or socialism, China has launched a national hybrid capitalism model based on public private business partnership. It really flourished the Chinese economy.

In this scenario, the countries like Pakistan must develop their own economic model. Pakistan must think seriously how to get rid of borrowed capitalism. The worst capitalism without any morals is working in Pakistan.

In the end, if we want to understand the real nature of neo-liberal globalisation and its agenda, we must have clarity of mind that international forces like IMF, the World Bank, and international consortia always force the nation states to implement the agenda to meet the objectives of neo-liberal capitalism. Nation states’ role has been reduced to watchdogs to protect the interests of the MNCs.

Castell’s theory of global capitalism is very helpful to understand this phenomenon that how MNCs have created three classes to protect capitalism. Noam Chomsky’s book Who Rules the World is another significant manuscript of the 21st century. The World is Flat published in the 1990s is another important book to understand how capitalism has eroded borders for free flow of capitalism globally. The World Trade Organisation (WTO) has subjugated the agro-based economies in the name of quality and standards which poor countries are unable to meet.

IMF structural adjustment program is a snare for the countries which sign loans agreement with IMF. Brazil and Latin America have been destroyed, Pakistan is under the process of Brazilian trap.

The democratic forces in the third world countries have been forced to portray their performances and agenda like a business corporations, the case of provincial and federal governments in Pakistan is an evidence of this argument. These governments always remain busy in marketing of their services ignoring the fact that this is their duty not a business campaign.

Electronic and social media is being used as tools to discuss non-issues, curricula are designed in accordance with the agenda of world financial forces.

The dilemma is that only few politicians, intellectuals know the situation and its strategic depth, but the majority of them are unable to understand it due to confusion being created by the media.

Safely it can be summed up that capitalism has not destroyed only a few weak economies of the underdeveloped countries. There seems no alternative to capitalism currently; however, a nation thinking wisely can develop a need based hybrid national economic model.

The prevailing situation demands researchers and intellectuals to play their role for guiding the masses and politicians about the hidden agenda of neo-liberal globalisation that its cultural perspective seems humanitarian but is economic. One needs to accept in accordance with national interests to avoid any clash with the national interests.

The author is the president of PPF ThinkTank and is a freelance  analyst of globalisation. He is a Ph.D in Education from the Institute of Education, Tsinghua University, Beijing. He is currently serving as the associate professor of education at OPF Girls College, Islamabad, Pakistan.