Has anyone else witnessed the "unravelling of large sections of global capitalism" in their daily lives? I haven't. Apart from the disruptions of the China virus and the animalistic behaviour of the human race in panic, capitalism seems to be bumping along as it always does - to me anyway. It is still doing much better than centralised socialism. The stock market seesaw is just another symptom of the animalistic panic, and will right itself soon enough. It is society that is unravelling.

The GFC was 12 years ago. Get over it. And, if you want anyone to listen, drop the childish and insulting comments about the Prime Minister being "Billy McMahon in a baseball cap". Morrison might not - is not - the best PM we have ever had, but don't compare him with McMahon, who made Gillard, Rudd and Turnbull look clever.

"Working and middle-class families don't have the savings to pay for serious adverse events such as a major operation, high-end dental surgery or car repairs over $1000". Probably, but that's not down to capitalism; it's down people's inability to budget, to set priorities, to live within their means, and to recognise that relying on governments and handouts is not part of the capitalist system that has benefited people far more than any other system.

Mr. King's last chapter is the most useful. It is good advice for people who haven't been taught to look after themselves by their good-time-Charley parents. As for the rest of it, I don't see anything in his biography that marks the gentleman out as having any more insight into the capitalist system than your next door neighbour does.

It seems like we'll have to make our own clothes and shoes in australia in the future. Also, when it calms down itd be cool if scomo hosted an amazing high tea at parliament house dedicated to the nations young mothers because of how stressful its been for them

Malcolm, you mention "Since the early 1980s, neoliberalism has been the default economic paradigm of developed nations. Neoliberals believe in free and unfettered trade, deregulation, privatisation, slashing government expenditure and restraining workers' pay.

They believe competition is the defining characteristic of human nature. Citizens are consumers, not members of a society. The market rules all."

If neo-liberals believe what you wrote, then they have been spectacularly unsuccessful in pushing their agenda because in most examples in Australia we do NOT have "free and unfettered trade". Nearly every industry of significance is a monopoly or oligopoly: take cable TV (one provider); supermarkets (2 players dominate); white goods retailers (a clutch of players dominated by Harvey Norman/Domanyne and JB HiFi/Good Guys) airlines (QF dominates with VA a small player and Rex almost a non player); insurance companies, retail banks etc.

This is the Titanic of global capitalism and the coronavirus, the iceberg it ran into. We, poor buggers, in the allegorical front compartment.

Just amplifies the rat eat rat mentality of the haves as they sink with everybody else and can't understand why their billions and trillions haven't bought them immunity or immortality!

We used to have an egalitarian society, before the greed is good disciples took over/became the virtual inmates running the asylum? Believe that one can sales market their way out of or into anything?

If his catastrophe hasn't instructed us to embrace, fund and facilitate cooperative capitalism/use it and cheap abundant energy,, to rebuild/resuscitate our manufacturing sector/economic independence/self-reliance as a united nation all pulling together in the same direction. For a far better outcome for our fellow Australians!

Then nothing ever will! And just a forerunner of what's to come if we continue down this crazy path we're on where the divide between the haves and the have nots, grows exponentially! Where finally, we become an island of sanity in a sea of chaos/world gone mad. And become, a cash and carry, trading nation open for business with all who've good money to spend.

While we're reevaluating, let's stabilise our currency by once again fixing it to the sane gold standard! Put our own economy back in the black with genuine tax, root and branch, reform Get cracking with transitioning to (unconventional/walk away safe) nuclear power.

Then use it as the one and only power source (nuclear waste burning MSR's) that coupled to deionisation, dialysis desalination to not just drought-proof the nation but open up vast tracts of formerly arid land as virtual gardens. To take full advantage of the next boom, the food boom. With the rollout of all the above, haul all our economic irons out of the fire as fine economic steel!

It's not like there are any other viable options! And it's a one-time complete package!

As for the contagion, just another we will have to learn to live with and develop genetically transferable, immunity to it!
Alan B.

With some luck, COVID-19 will enforce a reinstall of some sanity within this Global Capitalism !
I hope the same will happen to Public Service salaries here !

Curl up in your unemployed spare hours, and begin reading John Steinbeck.

There you'll learn all sorts of strategies to aid a life with no money.

You'll learn of the ruthless greed of the rich, and their direct impact on you, which will aid in your understanding of eviction and homelessnes.

The economic tsunami is unstoppable. It comes with the true meaning of merciless.

Dan