Fast Company magazine asked six experts to predict how our economic landscape will be changed—perhaps forever—by the COVID-19 pandemic that we’re all experiencing now. Sarah Miller, executive director of the American Economic Liberties Project, says that the pandemic has exposed the extreme (some would say dangerous) market power of Amazon in retail sales, and how Facebook and Google have monopolized advertising. (The plight of Amazon warehouse workers has particularly caught her attention.)
Her prediction: growing awareness of this and other market concentrations will lead voters to ask their elected representatives to pause mergers and look more closely at how trade agreements benefit the largest corporations and entrench their power.
Demond Drummer, executive director of New Consensus, believes we might see changes in how the government and public institutions make investments in the economy. Last February, it was hard to make the case that we needed a jobs program in this country, even though many Americans were stuck in low-wage positions. Post-COVID, he expects to see a focus on the quality of jobs rather than the raw unemployment number. In addition, the fact that so many Americans lost health insurance when they were laid off by their employers suggests that we’ll see increasing voter demand for universal health care.
Beyond that, Drummer envisions more infrastructure projects around clean energy and more companies manufacturing at home rather than outsourcing to Asia and Latin America....