The left refights the financial crisis

The economy is crashing from government intervention — and the left is blaming capitalism

Alexandria Ocasio-Cortez.
(Image credit: Illustrated | Getty Images)

The most sudden and sharpest economic collapse in American history was preceded by perhaps the greatest government failure. The coronavirus pandemic is no shockingly unexpected black swan, not after multiple high-profile viral outbreaks over the past two decades. Not after myriad studies and simulations, both from government and nonprofits. Not after specific warnings from past U.S. presidents. And yet here we all are, quarantined at home, either binging on golden-age television or studying YouTube videos on how to make masks from dish towels and underwear. Then there are the nearly 30,000 dead and counting.

So, capitalism, what do you have to say for yourself? Basically that's the message from left-wing critics who see the terrible economic and human carnage of the past three months as confirmation that they were right all along about the inadequacy of business and markets. They said that "capitalism kills" before the pandemic, and now they're saying it's killing ever harder. Socialist magazine Jacobin warns that "capitalism will be responsible for many" of the fatalities in one of "worst mass deaths in human history."

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James Pethokoukis

James Pethokoukis is the DeWitt Wallace Fellow at the American Enterprise Institute where he runs the AEIdeas blog. He has also written for The New York Times, National Review, Commentary, The Weekly Standard, and other places.