By: Jett Jenkins

As discussed in Robert B. Reich’s (2007) book Supercapitalism, much of our current economic behavior is geared towards obtaining short-term profits and growth, which had led to increased use of “cheap labor” in countries like China. Although this continuous exploitation of foreign labor has led to high profit margins and thus high returns for investors, it has produced many negative externalities, like the Wuhan smog depicted. However, recent production cuts caused by the spread of COVID-19 has lifted much of the smog from the area, giving residents a sense of clarity. In a similar sense, the study of Sociology accomplishes a similar feat, lifting much of the “smog” out of our everyday life.

Sources:

Federal Reserve data on unemployment claims (Pre and Post Covid-19)

Data on S&P 500 (Percentages calculated from 2020 highs and 2008 lows)