IN the annals of 21st Century capitalism, Covid-19 will go down as a pressure cooker. The pandemic has put enormous strains on livelihoods, individual well-being, healthcare systems, the viability of firms and the stability of public finances. As the former Morgan Stanley strategist Gerard Minack noted last year, our pre-pandemic world was primed to maximise financial returns on the assumption that nothing would go wrong. This bump is happening even as 30% of employers in the financial centre aren’t planning to increase pay at all. Capitalism in the 21st Century will self-insure by cutting itself some slack.

Source: The Star March 25, 2021 18:11 UTC