Evonomic’s contributor Jag Bhalla offers his narrative of how the vaccine choices played out in the US and looks to continue along the same lines with the booster shots for Covid 19 in Vaccine Greed: Capitalism Without Competition Isn’t Capitalism, It’s Exploitation.
DID GREED JUST save the day? That’s what British Prime Minister Boris Johnson claimed recently. “The reason we have the vaccine success,” he said in a private call to Conservative members of Parliament, “is because of capitalism, because of greed.”
Despite later backpedaling, Johnson’s remark reflects a widely influential but wildly incoherent view of innovation: that greed — the unfettered pursuit of profit above all else — is a necessary driver of technological progress. Call it the need-greed theory.