COVID-19 Lesson: The Free Market Failed Us
Here is a lesson: for 40 years, we have accepted the premise that markets will solve all our problems, and we don’t need national strategies. We traded our industrial capacity and technical leadership for cheap T-shirts and low-cost flat screen TV’s. Now we are dependent on supply chains in other countries to respond to our emergencies.
China, South Korea, and Germany have effective national strategies and strong industrial bases. China was able to mobilize incredible resources in response to their epidemic. Germany’s formidable industrial capacity in chemicals and pharmaceuticals positioned them to devise test kits for their own people, and supply kits for Europe and other countries. South Korea was way ahead of us in their public health response.