Collectivism and Individualism: Reflections from a Pandemic

One of the crucial obvious variations between socialist and capitalist societies facilities on cultural ideology. Socialist nations have a collectivist mentality, the place persons are interdependent and hyperlink their self-identity to the “group”. Conversely, individualism focuses on the independence of every individual and prioritizes self-reliance. If there has ever been a time once we want a stability of each; it’s now.

For the US and different nations to keep away from an financial implosion, we have to undertake the collective sensibility. The gritty, each man-for-himself American ethos encourages collectors to carry debtors to agency deadlines and never make any allowances. The owner-tenant-lender dynamic is an illustrative instance of how and why the US must partially shift this ideology. Many retail business tenants aren’t capable of meet their hire obligations due to the lockdown’s adverse impression on shopper visitors. In flip, business landlords aren’t capable of make their mortgage funds to their respective banks. Bankers finally have to reply to their shareholders and that’s the place the domino impact possible terminates. Within the occasion that anybody of those hyperlinks within the chain defaults on their funds throughout regular instances, the US’ individualistic ideology encourages collectors to carry debtors accountable. No matter any power majeure act of G-d, the underside line of fee due-dates stays etched in stone. If pressed on this resolution to not make any allowances in such uncommon and tumultuous instances, the banker may globalize the problem and argue that collective sensibility is impractical and has failed repeatedly when utilized by socialist nations all through historical past. 

Whether or not or not you agree with this argument, one factor is crystal clear: all of us ought to shoulder the upcoming monetary burden created by the virus if any of us can stave off a monetary disaster. If the bank can persuade its shareholders to authorize a deferral of loan repayments for the business landlord, then tenants will pay partial hire and pay the stability as soon as the restoration begins.

Andrew P. Bleiman of Marks & Klein, LLP, a enterprise lawyer who concentrates in representing franchised companies and different small and mid-sized companies says: “ It’s vital that every one stakeholders work collectively to search out options and that every one share in any burden, price and duty to get via this. The long run viability and success of those companies ought to be the main focus in these communications within the quick future – with the message being that reduction and concessions over the subsequent 60 to 90 days will enable these companies to outlive for the subsequent 60 to 90 months or extra. Collective motion (or inaction) can save the nationwide financial system with partial compromises by every of the completely different human hyperlinks of the financial chain.

Whereas the financial system relies on a shift to collectivism, the well being and survival of our globe relies on individualism. Definitely, the obvious and vital manifestation of individualism throughout these instances focuses on social distancing. Nonetheless, the way forward for the earth relies on extra intangible results of this cultural ideology. Since its inception, the US has been synonymous with innovation. Franklin, Edison, Jobs, Gates, and Ford are just some names which have blazed trails in creating instruments which have grow to be requirements at the moment. Why do a disproportionate variety of innovators per capita come from america? First, america’ prioritization of particular person’s rights permits for freedom of expression, which inspires individuals to assume independently. Extra particularly, the First Modification permits a sturdy exchange of opinions and contemporary pondering, and with them, new concepts. This promotes an surroundings of innovation that stimulates an revolutionary vitality that has rippled all through the nation. Second, america encourages innovation with unmatched monetary incentives. With the world’s highest well being care expenditure per capita and top-tier mental property protections, US innovators are inspired to create life-saving merchandise that may make them abundantly rich. Whereas innovators in most nations are inspired to treatment for this insidious virus, the long-held custom of innovation within the US makes counsel that the reply will likely be present in an American lab. Let’s simply hope {that a} nationwide and world collective effort to share the monetary burden can save the financial system from implosion whereas the people go to work.