Economy

Coronavirus small business devastation threatens capitalism

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Small business devastation during the coronavirus crisis presents risks to capitalism in the United States, Mohamed El-Erian told CNBC on Thursday. 

“If you want capitalism to be sustained, you need buy-in from a lot of people. You cannot get buy-in if it’s all about large corporations,” the chief economic advisor at Allianz said on “Squawk Box.” 

“Remember what small businesses do. They’re not just large employers, they also are the main way to have inclusive capitalism, an inclusive market-based system,” said El-Erian, imploring Washington to sharpen the focus on providing targeted assistance. 

The pandemic has caused dramatic economic upheaval, putting millions of Americans out of…



Source cnbc.com

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