Swiss Lotan: This virus must destroy capitalism in its old form

Life is slowly going weeks after the start of the Corona crisis (Covid-19), and although the height of confusion and the extreme state of emergency has passed, no one knows where the failure will come from, but that should not prevent us from thinking about what the economy should be like in a time Beyond Corona.

With this introduction, Valer Ghounia embarked on an analysis published in the Swiss newspaper Lutan, asking at its beginning: Is it reasonable to continue to withdraw millions of profits while asking for state assistance at the same time? She commented that it was time for companies like EasyJet to correct some of their concepts.

And the author considered that the current forced suspension of the economy is a great opportunity to deal with these matters, noting that it will stop at two observations.

The note that the author considers positive is that the current crisis not only opened the door to speeding up history, but also highlighted our amazing ability to adapt, as companies flexibility, interaction and innovation no longer have unexploited concepts presented by consultants, but have become a tangible reality.

And we are here - as the author says - we are not only talking about the widespread use of remote work, knowing that this article was prepared, corrected and published online from bedrooms and kitchens, but also about the brilliant ease with which groups convert their production tools, as did the Bulgarian company that stopped the production Perfumes provide alcohol for hospitals, as Moran did, which turned their perfumes into antiseptics.

Although these initiatives may be viewed with suspicion, two colleagues have warned that they should not be seen quickly as "opportunistic marketing", but rather as part of the adaptation that many companies have made to contribute and support the collective effort.

The writer indicated that this ability to adapt also appeared in the authorities, who are often criticized for the stalemate, as the Federal Administration managed within two weeks with the Swiss National Bank and others to develop a plan to help businesses in a way that would appear to be ingenious.

EasyJet cannot be defended

The second note is based on the fact that this crisis works as a huge revealer, and therefore it sheds light on the less bright aspects of the economy, as Easy-Jet - for the writer - deserves an award who cannot be defended in this regard, after this British company came knocking on the gates of the union to ask Financial assistance on the grounds that it has a thousand Swiss employees.

"Governments have a role to play in ensuring that airlines that are able to play their part get the money they need to support their employees and economic recovery," the company wrote.

Ironically, its founder, Sir Stelios Ioanno, who owns 34% of its capital, defended the previous day his right to receive profits of sixty million pounds (74 million and 334 thousand dollars), which is equivalent to 72 thousand francs for every Swiss employee that the company claims it wants " His support. "

The writer said that the company defended itself - when contacted - that shareholders decided to pay the dividends last February, and therefore had a "legal obligation to pay them", but Valer Gonia commented, "Did Covid-19 not eliminate the idea of ​​legal obligation in Its perspective is correct in several cases? ".

A crisis in time

In sum, according to the journalist, this crisis highlights some of the major flaws in “old capitalism,” but at the same time it indicates that we have the creativity and flexibility to change it, and therefore it came at the right time after last year called on politicians and multinationals with a voice One to shift to a more responsible capitalism.

The writer pointed out that energy giants such as Eni, Repsol and Total have provided hundreds of millions of dollars for green energy, and that Nestlé is investing in eliminating plastics, which means a move towards influential investment, sustainable financing, and improving environmental, social, and administrative requirements.

The current crisis, according to the journalist, provides a tremendous opportunity to move from words to deeds to politicians who, at the time of the election campaigns, said they were going to change.

The author certainly concluded that the moment in which we live is historic when the "economy" stopped due to the unprecedented shortfall in supply and demand, noting that not seeing an opportunity in this exceptional break to correct some fundamentals would be a fatal mistake, which means that business leaders, politicians and shareholders must now think of The economy that they will build in the post-crisis period.