For nearly two generations, we have been told about the superiority of free market capitalism. We’ve been told that markets are the fairest, most equitable way to do everything: they are self-correcting, more agile, and better-aligned to the American spirit of self-reliance, ingenuity, and ability.
Some particularly myopic businesspeople and those who repeat their messages, have even held business as a model for government by declaring, “Government should be run more like a business!” Given these decades of pro-business thought & policy, one would believe that no entity would be able to better weather any storm than tried-and-true American capitalism. It is the stuff of pride and legend.
So, then came COVID-19.
What did nearly every business sector do immediately following the proliferation
of stay-at-home orders aimed at slowing the spread of COVID-19?