UC Santa Barbara

Global capitalism is at the brink of another round of restructuring and transformation based on a much more advanced digitalisation of the entire global economy and society, and the application of fourth industrial revolution technologies. The changing social and economic conditions brought about by the coronavirus pandemic are accelerating the process, helping a new bloc of transnational capital, led by the giant tech companies along with finance and the military-industrial complex, to amass ever-greater power during the pandemic and to consolidate its control over the commanding heights of the global economy. As restructuring proceeds, it will heighten the concentration of capital worldwide, worsen social inequality and aggravate international tensions. Enabled by digital applications, the ruling groups, unless they are pushed to change course by mass pressure from below, will turn to ratcheting up the global police state to contain social upheavals.