As we approach the uncertain aftermath of the COVID-19 pandemic, many developed and developing societies remain shaken, disrupted and precarious. Jobs and austerity are the main tacit or stated socioeconomic fear of most people. The political economy of despair we are witnessing never enters the perception or the historical heritage of a nation, place or people with positive reception. We accept COVID-19 as a global pandemic is a tragedy. Most will survive it, but the death toll remains staggering and the caused disruption colossal in many countries. Our daily transactions, interactions and relations society and the economy rely on had to cease indefinitely, but for how long?
The problem for most citizens around the world is the survival of their regular economic and social expectations. Individuals have had to deal with many trenchant uncertainties at once, unawares. Jobs, businesses, opportunities, property, status, privileges, leisure and rights, many aspire to or worked so hard to attain are now looking like the glimmers of a past era. Yet, in our free-market-oriented world, orthodox economic theory demands everyone without exception must be rational in their actions. Rational cannot prevent winter or make disasters disappear instantly. To ask robust rationality of citizens under conditions of despair or even prosperity is quite a stoic demand. The political economy of despair under the current paradigm is never complete without the contradictions it produces.