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Fear of Recession & relevance of marxism

Abbas Ahmad Rather

The pandemic COVID19 is spreading like wildfire.What started surreptitiously sometime in late 2019 in Wuhan China,has engulfed almost in 192 countries and regions by March 28,2020.Globally over 596,723 cases have been reported as confirmed infected and over 27,352 have died so far. Although the virus which was discovered in china first where it took almost 3100 before it was controlled to some extent by chinise has now spread almost in every country especially in European & American continent & along with others.As of now America has become the worlds highest with most number of infected covid 19 cases followed by Italy with highest number of death cases.These are followed by Spain,Germany,France,Uk,Switzerland ,Neitherland and others.While virus has alredy announced its entry in Asian contries like Iran India,Pakiatan,Bangladesh etc.IAs the outbreak spread globally there were growing concerns about a global economic slowdown .There is a situation of lockdown announced by number of countries inorder to prevent the virus from transmitting or circulating to community level. Most of the countries have suspended it’s international and domestic flights,markets,industries,factories.This has resulted that the world stocks are crushing on every single day.The U.S S&P 500 Index which had reached a record high as recently fell 3.4% on wednesday to it’s worest single day performence since February 2018.

As analysists issued new warning that the outbreak could drag down economies around the globe.The European Markets are recorded their worest session since 2016 and also a major benchmarks in Asia also closed down.Due to this outbreak when the market is hit hard and global industries and factories are being producing less there is a fear that the workers will start loosing their jobs in huge numbers.It is obvious when the stock prices fall dramatically,corporations have less ability to grow and there is a low demand will eventually lay of workers to stay solvent.According to ILO there is a fear that Novel corona virus outbreak could destroy upto 25 million jobs around the globe.As Beuce Bittles says that “you have to think about the global Economy slipping enough to cause a shortfall in earnings.It seems like the world is moving towards another Recession after 2008. Long time ago a German economist and philospher Karl Marx (1818-1883) who has been one of the biggest critic of market economy had advocated a global Recession that will left workers of the world completely jobless because of capitalist policies.

The workers will b compelled to live under poverty,hunger,misery.Though Marx had sought solution to this problem by overthrowing the capitalist system through Revolution to b brought by workers of the world.The intresting part of his contribution is what he has predicted a recession due to their own bad policies of capitalists.Today when we see that almost every disease is of a human creation due to environment pollution,chemicals,toxics,acids,defforestation etc and Novel corona virus is itself the invention of capitalist countries whether it be the bad food habits or environment degredation but the impact can’t be denied what the world is witnessing today.There are many people who blame china that it did not disclose the corona virus disease at the right time which is belived to be appeared firstly in china even before December 2019 but it was only on 31 December 2019 when the health officials informed the WHO of the outbreak otherwise measures could have been taken to control it at the zero level.The all story tells us that  Karl marx can’t be hold an enemy of capitalism but makes his thoughts and theories more relevent with the contemperory world crisis due to the corona outbreak. 

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