63. Is this socialism? Coronavirus and state intervention

Unprecedented state intervention - but still workers suffer? The British government has pledged hundreds of billions in funding during the Covid-19 pandemic. The US Congress has approved trillions. Capitalist governments in multiple countries seem to be abandoning privatisation and market competition for nationalisation and central coordination. It looks quite a lot like some of the policies socialists call for. But corporate profits are being subsidised. The big banks and finance sector are untouched. And workers are receiving too little too late when it comes to income and safety protections. In fact, lack of personal protective equipment is killing frontline health workers in the UK, and 10 million workers have joined the unemployment lines in just two weeks in the US. What does this U-turn in policy direction by the capitalists, amid a complete failure of their system, say about capitalism - and the socialist alternative? This episode of Socialism looks at coronavirus and state intervention: is this socialism? Further reading International statement - as coronavirus crisis intensifies, class antagonisms deepen: https://www.socialistworld.net/2020/03/31/as-coronavirus-crisis-intensifies-class-antagonisms-deepen/ International statement - coronavirus plunges capitalism into global turmoil - the need for a socialist alternative: https://www.socialistworld.net/2020/03/23/coronavirus-plunges-capitalism-into-global-turmoil-the-need-for-a-socialist-alternative/ All the latest frontline reports, socialist analysis and working-class demands in the latest issue of the Socialist newspaper: https://www.socialistparty.org.uk/issue/1080 Donate to help us keep producing independent content: https://www.socialistparty.org.uk/donate/ Join the fightback - join the Socialists: https://www.socialistparty.org.uk/join/