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COVID-19 has shown that capitalism is not enough

Summary:
From Fernando García-Quero and Fernando López Castellano and current issue of RWER Constructing the capitalist world-economy was only made possible through the use of racism and sexism as tools for the hierarchization and categorization of the population (Mbembe, 2000; Wallerstein, 2000). The history of capitalism is also the history of the open veins of the South and massive exploitation of natural resources (Galeano, 1972; Herrero, 2013). Its logic of accumulation entails irreconcilable contradictions and growing inequalities between centers and peripheries (Prebisch, 1949). In the field of Development Economics, the structural adjustment policies promoted by the Washington Consensus are a contemporary example (López Castellano, 2009), as are the Troika impositions which, in 2011,

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from Fernando García-Quero and Fernando López Castellano and current issue of RWER

Constructing the capitalist world-economy was only made possible through the use of racism and sexism as tools for the hierarchization and categorization of the population (Mbembe, 2000; Wallerstein, 2000). The history of capitalism is also the history of the open veins of the South and massive exploitation of natural resources (Galeano, 1972; Herrero, 2013). Its logic of accumulation entails irreconcilable contradictions and growing inequalities between centers and peripheries (Prebisch, 1949). In the field of Development Economics, the structural adjustment policies promoted by the Washington Consensus are a contemporary example (López Castellano, 2009), as are the Troika impositions which, in 2011, led to severe social cuts in countries like Spain or Greece (López Castellano and García-Quero, 2019). The dilemma of how best to balance public health, care for nature, and economic growth has been highlighted again as a result of the COVID-19. The suspension of work has led to a drastic reduction in environmental pollution, while putting the most vulnerable groups at greater risk. It has also shown how, despite their precariousness and low social recognition, various jobs linked to care and jobs with little monetary value are fundamental to sustaining and reproducing life. The challenge, therefore, is how to build a system with a production model that is compatible with human life and care for nature.

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