themes more fully in due course. We urgently need to understand the likely impact this crisis will have on our economy and prepare accordingly. The rise in state spending currently taking place across the Global North will not usher in a socialist nirvana. Instead, as Robert Brenner writes, policymakers have concluded ‘that the only way that they can assure the reproduction of the non-financial and financial corporations, their top managers and shareholders – and indeed top leaders of the major parties, closely connected with them – is to intervene politically in the asset markets and throughout the whole economy, so as to underwrite the upward re-distribution of wealth to them by directly political means.’18 The legacy of the corona crash will be the concentration of economic and political power in the hands of a tiny oligarchy, composed of senior politicians, central bankers, financiers and corporate executives in the rich world.
The challenge we will face when this crisis subsides will be to wrest control back from those who have taken advantage of this moment to increase their power and wealth. The only way to do so will be through a radical democratisation of national and international economic and political institutions, giving workers, consumers and communities a say in decision-making within publicly owned companies, central banks and throughout local government and the central state – and giving the poorest states in the world a voice in international governance. The alternative is to watch as democracy is finally consumed by capitalism.
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