Latest update March 31st, 2025 5:30 PM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Effects of the COVID-19 crisis

Dec 09, 2020 Letters

DEAR EDITOR,

Feudalism declined in Europe from 12th century to 15th century. In the 1300s, the bubonic plague swept across Asia and Europe. Over the next two centuries, this disease killed millions. The death of so many led to economic and social changes. The Magna Carta (1215), which limited the king’s power and strengthened the rights of the nobles and the creation of parliament. The common people benefitted as the nobles used them to gain more power through parliamentary democracy and capitalism. The relationship moved from serf and lords to employer and employee. The war between France and England between 1337 and 1453 shifted power from the feudal lords to the monarchs and common people.
Before the 18th century, people lived, farmed and worked from homes. Just before the Industrial Revolution (18th century), manufacturers started to gather workers in one place under supervision for a wage.
I see a similar shift happening today caused by the COVID-19 crisis, the war on terrorism and Global debt of US$277 trillion by year’s end (Institute of International Finance). Capitalism, the current dominant economic system whose main advocate is the United States is unlikely to recover. The US is no longer practicing capitalism with government buying, corporate bonds, ETFs and giving forgivable loans to big corporation like Microsoft. Twenty percent of US companies are zombie corporations are being kept afloat by government money. When the US tried to raise interest rate to 2.5 percent in December 2018, the stock market crashed. The Federal Reserve started to take interest rate to zero. Because of US debt of 27.4 trillion interest rate will stay near zero indefinitely. The future implementation of artificial intelligence, automation, biotech and other technology will decrease the need for workers. Just the present work from home where possible orders cut the need for transportation and other goods and services like office space, gas and work clothes.
The present economic system is outdated and fit for the 19th century. The IMF is calling for a new Bretton Woods which is a new economic order. Spain’s finance minister has introduced universal basic income as a response to the novel coronavirus and it will become permanent. The entire world has introduced some sort of universal basic income in the form of unemployment relief or food subsidy. From about the 1800s the masses have experience growing freedom and an improved standard of life due to democracy and economic growth.
For most of civilization, the common people have lived meager existence. It seems like we will revert back to the mean (norm). It is a mathematica laxiom that over a long period of time, phenomenon goes back to the mean. It is a highly likely probability but human ingenuity and determination can prolong humanity high standard of living. No more serf and lords but equal human beings. Presently our rulers are government which replaces the king’s and business persons who replace the lords. It’s a modification that benefits the common people but we can still do better

Brian E. Plummer

Similar Articles

The Glenn Lall Show|| March, 28th, 2025

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

Fantastic Wharton snipes haul-trick in 11-0 win

Fantastic Wharton snipes haul-trick in 11-0 win

Mar 31, 2025

-as Santa Rosa finish atop of Group ‘B’ Kaieteur Sports- Five thrilling matches concluded the third-round stage of the 2025 Milo/Massy Boys’ Under-18 Football Tournament yesterday at the...
Read More
Back Circle bests Gold is Money to retain crown

Back Circle bests Gold is Money to retain crown

Mar 31, 2025

DCC continues winning ways thanks to Imlach masterclass

DCC continues winning ways thanks to Imlach...

Mar 31, 2025

All-round Headquarters retain title in dominant fashion

All-round Headquarters retain title in dominant...

Mar 31, 2025

Yarrowkabra smashes four in Tutorial, as Dolphin, Waramuri Sec’ remain unbeaten

Yarrowkabra smashes four in Tutorial, as Dolphin,...

Mar 30, 2025

Ramesh Chattergoon smacks 110* in ESCL T20, Over-40

Ramesh Chattergoon smacks 110* in ESCL T20,...

Mar 30, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]