Humanity matters, capitalism needs an upgrade (The Hindu, GS-2, 3)

29 May Humanity matters, capitalism needs an upgrade (The Hindu, GS-2, 3)

Context:- Capitalism which has the basic value of profit. This profit is to maximise in order to increase the return for the investor. In such episode the product or process becomes out of the reach of poor which some way or the other deprive them of their basic rights

Why:-

• Capitalism i.e. privatization provides good services
• The private sector works on the capital interest
• Private works on profit whereas public sector works on people service

What is the current issue in a pandemic:-

• The covid vaccine is not available to all
• Issue of accessibility
• Issue of private companies making the intellectual property as a deprivation to people, for example, IPR on turmeric, Neem, etc.
• They are working to extract excessive profit
• India has a process patent approach which is different than the TRIPS’ mentioned product patent approach
• Issue of compulsory licensing and evergreening of patents.

What is the way forward

• Compassionate capitalism
• Human values must be at the forefront
• Humanity must prevail over profit
• A new path for the capitalism if it needs to sustain.

Download Daily Current Affairs of 29th May 2021

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Swarn Singh

Plutus IAS Current Affair Team Member

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