In “Will Covid-19 Shake-Up Capitalism?” a Journal columnist wrote yesterday:
“. . .the aftermath of the Covid crisis could be much more government intervention. . .Some of those who thought capitalism could adjust on its own now believe government needs to force companies to change.” To deal with unemployment and other ills, one observer said, ‘I’ve now become convinced that. . . .Government has to act.’ (with)the broad thrust. . .that America should be more like Europe. This isn’t socialism, but it would mean more state involvement. . .”
Does this mean that some capitalists are coming around to the view we’ve long held about the need for a more proactive government to deal with income inequality and other social ills? Most recently we spelled this out in America: What Went Wrong? The Crisis Deepens:
“The crisis of the middle class cries out for bold action by government. The pandemic signals an opportunity to restructure government to meet the needs of all its citizens. We need a new way of thinking and a fresh approach to rescue America. At the heart of this is a structural change in the way America forms public policy.”
No doubt the Wall Street Journal’s Stone-Age editorial board would have a fit if any of this came to pass, but it’s refreshing to see these ideas popping up in other sections of the paper.