Corona to increase concentration of capital in fewer hands: Logoglu

15 April 2020 | 12:43 Code : 1990737 From the Other Media General category
Turkish politician says in post-corona era we will see a further concentration of capital in fewer hands and income distribution inequalities will get worse, with the developing and underdeveloped countries suffering the most.
Corona to increase concentration of capital in fewer hands: Logoglu

Dr. Osman Faruk Logoglu a senior member of Turkey's CHP and veteran politician believes the outbreak of the coronavirus will result in great changes throughout the world. 

 

He said, "The one statement about the post-corona world which is categorically true is that it is going to be substantially different from the world as we know it today.  What is not certain is whether it will be a better world or one that is worse.  The pandemic will have deep and lasting consequences on global politics, the economy, lifestyles, and education to name a select few areas.  The trend toward national self-isolation will continue, spelling the end of the benefits of globalization and increasing the potential for inter-state competition and thereby the risk of conflicts.  The global balance of power is likely to shift away from the US and Europe toward China and Asia.  Capitalism will experience a surge with big capital holders buying out failing companies across the globe, leading to further concentration of capital in fewer hands.  Income distribution inequalities will get worse, with the developing and underdeveloped countries suffering the most.  With the continuing impact of climate change, economic devastation in these countries may lead to massive migration across borders."

 

Logoglu added, "In terms of impact on our daily life, work from home, rather than in the office, may become the new normal.  The same may be the case in the field of education.  Business and international meetings will be conducted increasingly via video conferences.  Tourism will experience a global downturn.  

 

The message of coronavirus to humankind is clear: "I am deadly.  But I can be defeated.  To do that, you must act together and cooperate.  Stop bickering.  Stop fighting each other.  Stop hurting each other, whether by sanctions or by other means."  So far, humankind has not gotten this message.  Hence, we must all brace ourselves for more difficult and trying days ahead."

 

Interview by Payman Yazdani

 

Source: Mehr News