Capitalism has had a good Covid. While governments of every political hue seem to stumble from one crisis to the next, for profit corporations stepped up to deliver our food and consumer goods to our doors, reroute disrupted supply chains, manufacture huge amounts of PPE, and develop multiple safe and effective vaccines in record time. I put this triumph of capitalism over statecraft down to two factors in particular.
- Corporations are better at globalisation than national governments
- Political incentives are less well aligned with the public interest than those for corporations