The need for a socialist planned economy (2021)

Vincent R. Beaudoin argues that recent crises—including the 2008 financial collapse and COVID-19 pandemic—demonstrate capitalism's fundamental failures and the need for a socialist planned economy. He contends that during these crises, the market failed to self-correct, forcing governments to bail out corporations while workers suffered, whereas a socialist system with nationalized, worker-controlled enterprises could have managed the crises more effectively by prioritizing public welfare over profit. Beaudoin points to growing wealth inequality, noting that billionaires have vastly increased their fortunes during the pandemic while millions of workers lost income.