What Covid-19 reveals about twenty-first century capitalism: Adversity and opportunity

‘Twenty-first century capitalism features financialization and monopoly power. A structural perspective of contemporary political economy illuminates how these aspects shape the COVID-19 response. COVID-19 has exposed failures across health care systems, working conditions, supply chains, the depth of inequality, systemic racism, and features of globalization that exacerbate negative outcomes for the many. Examining access to medicines, personal protective equipment and vaccines, inequality and working conditions highlights just some of what is broken and what needs to be fixed. The unsparing challenge and immiseration of COVID-19 offer an opportunity to re-think basic structures of contemporary capitalism and re-imagine a more compassionate future.’

Read here (Springer, Nov 20, 2020)

The Delinquent Dozen of pandemic profiteers -- A report on billionaire wealth versus community health

‘There are few stories more sordid than the surging wealth gains of the world’s billionaire class during a pandemic when so many have lost their lives, health, and livelihoods. A handful of billionaires and corporations have seen their wealth surge to record levels, in part as a result of their monopoly status and opportunism during the pandemic...

‘Meanwhile, private equity firms have bought up essential businesses in the health care, grocery, and pet care industries, only to aggressively cut costs, skimp on worker safety, and load companies up with debt to boost their own profits. Hundreds of thousands of essential workers employed by these companies have remained vulnerable and exposed. These frontline workers risk their lives every day to do the work that increases already obscene corporate wealth.

‘This report focuses on a list of 12 emblematic bad actors. We call them the Delinquent Dozen — corporations that should do significantly more to protect their workers as their owners and executives continue to reap billions.’

Read here (Inequality.org, Nov 18, 2020)

Big Pharma is not willing to help us defeat Covid-19

‘For months, experts have repeatedly told us that no one is safe from coronavirus until we are all safe. If that is true, we should be going all out to ensure the world’s resources are used to bring treatments and vaccines to the whole world as soon as possible. Several initiatives have attempted just that, but efforts have been stymied by the self-interest of big business, and by the leaders of rich countries who are terrified of undermining rules designed to keep their countries at the top of the pecking order.

‘A recent ground-breaking proposal by India and South Africa could change all that. Those governments have lodged a proposal at the World Trade Organization (WTO) to suspend international patent laws for an extended period, allowing countries to share technology and produce their own versions of patented medicines, treatments and protective equipment without being held to ransom by the corporations which own those patents. It is a game-changer, which challenges one of the most shameful aspects of modern trade rules.’

Read here (Aljazeera, Oct 18, 2020)

Civil society organisations call for strong support for TRIPS waiver to combat Covid-19

‘Nearly 380 civil society organisations (CSOs) have urged Members of the World Trade Organization to strongly support the adoption of a draft decision proposed by India and South Africa for a waiver from certain provisions of the TRIPS Agreement to combat the worsening COVID-19 pandemic.

‘India and South Africa have submitted a proposal (IP/C/W/669) to the WTO TRIPS Council on a “Waiver from certain provisions of the TRIPS Agreement for the prevention, containment and treatment of COVID-19”.

‘In their letter to the WTO Members, the CSOs said that in a global pandemic where every country is affected, a global solution is needed. According to the CSOs, adoption of a Waiver at the WTO level will suspend implementation, application and enforcement of the relevant provisions of the TRIPS Agreement in relation to prevention, containment, and treatment of COVID-19.

‘It enables an expedited, open and automatic global solution to allow uninterrupted collaboration in development, production and supply, and to collectively address the global challenge facing all countries. “It’s time for governments to take collective responsibility and put people’s lives before corporate monopolies,” the CSOs emphasised.’

Read here (InfoJustice, Oct 16, 2020)

The world needs a 'people's vaccine' for coronavirus, not a big-pharma monopoly: Helen Clark and Winnie Byanyima

‘Current distribution plans for the Oxford vaccine are an alarming reminder of what happens when you leave a public resource in the hands of a single company. Around 300m doses have been promised for developing countries by the end of this year – a welcome step, but one that pales in comparison with the 400m doses that will go to the US and UK. The Netherlands, Italy, France and Germany have secured another 400m doses between them. The EU and other rich nations are also pushing their way to the front of the queue. Many middle-income countries, such as those in Latin America, where the scale of the outbreak is frightening, may be completely locked out of these arrangements.’

Read here (The Guardian, July 23, 2020)