
Post Corona
11 minFrom Crisis to Opportunity
Introduction
Narrator: In the first eight weeks of the COVID-19 pandemic, something extraordinary happened in the world of retail. E-commerce, which had been steadily growing its market share by about one percent per year for two decades, suddenly leaped from 16% to 27% of all sales. In just two months, the industry experienced a full decade of growth. This wasn't a new trend, but an existing one put on hyper-speed. What if this same force—this dramatic, almost violent acceleration—was being applied to every facet of our society? What if the pandemic didn't create a new world, but simply fast-forwarded us into the future we were already creating, for better and for worse?
In his book Post Corona: From Crisis to Opportunity, author and professor Scott Galloway argues precisely this. He contends that the pandemic acted as an accelerant, pouring gasoline on existing trends in business, technology, and culture. It exposed the pre-existing conditions of our economy and society, rewarding the strong, punishing the weak, and compressing years of change into mere weeks. The book serves as an unflinching analysis of this new landscape, exploring both the immense opportunities and the profound dangers that have been thrust upon us.
The Great Acceleration: A Decade of Change in Eight Weeks
Key Insight 1
Narrator: The central thesis of Post Corona is that the pandemic did not fundamentally change the direction of society, but rather, it dramatically accelerated it. Galloway uses the phrase, "decades can happen in weeks," to capture this phenomenon. The most vivid example of this is the aforementioned explosion in e-commerce. For twenty years, its growth was a slow, predictable climb. Yet, when lockdowns forced consumers online, the market share jumped 11 percentage points in eight weeks, a gain that would have taken ten years at the previous rate.
This acceleration wasn't limited to online shopping. It reshaped investor perception of value itself. Before the crisis, it took Apple 42 years to reach a $1 trillion valuation. During the pandemic, it took only 20 weeks to race from $1 trillion to $2 trillion. Investors were no longer valuing companies on their present performance but on their perceived position in the future of 2030. This forward-looking perspective catapulted companies like Tesla, which became the most valuable car company in the world, its market cap soaring past the combined value of Toyota, Volkswagen, Daimler, and Honda. The pandemic acted like a time machine, pulling the future into the present and forcing an immediate reckoning with trends that were once distant concerns.
The Culling of the Herd: How the Strong Got Stronger
Key Insight 2
Narrator: This great acceleration was not a tide that lifted all boats. Instead, Galloway describes it as a brutal "culling of the herd," where the strong became stronger and the weak were "slaughtered." While the S&P 500 index showed remarkable resilience, this masked a grim reality. The index's performance was overwhelmingly driven by a handful of giant tech firms. In the first seven months of 2020, while the S&P 500 was flat, mid-cap companies were down 10% and small-cap companies were down 15%.
The pandemic created a clear divergence. Companies with weak balance sheets, high fixed costs, and a failure to innovate were pushed to the brink. Retailer Ann Taylor, for example, was already struggling with the shift to online shopping. The pandemic-forced store closures were the final blow, and its parent company filed for bankruptcy. In contrast, companies with strong cash reserves and variable cost structures thrived. Galloway argues that in the post-corona world, "cash is king, and cost structure is the new blood oxygen level." The crisis created an environment where well-capitalized, innovative firms could not only survive but go on the offensive, acquiring distressed assets and consolidating their market power.
The Monopoly Algorithm: Big Tech's Unstoppable Flywheel
Key Insight 3
Narrator: Nowhere was this consolidation of power more evident than with Big Tech. Galloway revisits "The Four"—Amazon, Apple, Facebook, and Google—and argues the pandemic turned them into even more dominant forces. These companies operate on what he calls the "monopoly algorithm": innovate to gain an advantage, obfuscate their dominance through PR and lobbying, and then exploit their position for massive profit.
Amazon provides a perfect case study. It has mastered the art of "featurization"—turning entire industries into features of its core Prime membership. For instance, by building its own delivery network, Amazon is not just competing with FedEx; it's turning shipping into a low-margin service designed to reinforce the high-margin flywheel of its retail and cloud-computing businesses. This strategy allows Amazon to leverage its immense scale and cheap capital to enter and disrupt any industry it chooses. Similarly, Apple's wearables division, which generated more revenue in 2019 than McDonald's, demonstrates how a powerful brand and ecosystem can be used to dominate even centuries-old markets.
Ripe for Disruption: The Coming Reckoning for Higher Education
Key Insight 4
Narrator: Galloway introduces a "Disruptability Index" to identify industries vulnerable to a post-corona reckoning. The primary signal of disruptability is a dramatic increase in price without a corresponding increase in value or innovation. No industry fits this description better than higher education. Over the last 40 years, college tuition has skyrocketed by 1,400%, far outpacing even the rising costs of healthcare. Yet, the core product—a professor lecturing in a hall—has remained largely unchanged.
Elite universities have leveraged artificial scarcity, boasting low acceptance rates to justify exorbitant prices, creating a "fetish for exclusivity." This model has been propped up by federally subsidized student loans, which have saddled generations with $1.6 trillion in debt. The pandemic exposed this fragile model. When universities were forced online, they could no longer justify elite pricing for a remote experience. Galloway predicts a culling among universities, with institutions that lack a premier brand or a low-cost structure facing a "death march." This crisis, however, creates an opportunity for new, hybrid models and partnerships with tech firms to make education more accessible and affordable.
Capitalism on the Way Up, Socialism on the Way Down
Key Insight 5
Narrator: The pandemic didn't just expose weaknesses in business models; it laid bare deep flaws in the American social contract. Galloway argues that the U.S. has embraced a toxic system of "capitalism on the way up, and socialism on the way down." This means that during boom times, profits are privatized and funneled to shareholders and executives. But when crisis hits, losses are socialized, and the same companies demand government bailouts.
The airline industry is a prime example. In the years before the pandemic, major airlines spent 96% of their free cash flow on stock buybacks to inflate their share prices, rather than building cash reserves for a downturn. When the pandemic grounded flights, they were the first in line for government aid. This, Galloway contends, is a form of cronyism that protects the wealthy at the expense of taxpayers. It stands in stark contrast to the shared sacrifice of past crises like World War II, where patriotism meant rationing and buying war bonds, not just receiving stimulus checks. This outsourcing of sacrifice has led to a society where the American Dream is broken, and economic mobility is worse than in most of Europe.
Reawakening the Commonwealth: A Path from Crisis to Opportunity
Key Insight 6
Narrator: Despite his sharp critique, Galloway offers a path forward. The solution, he argues, is a "wholesale renewal of our sense of community" and a reinvestment in the commonwealth. This begins with strengthening government and taking its role seriously, not as an entertainment product but as the essential operator of society. He advocates for aggressive antitrust enforcement to "oxygenate" the marketplace, arguing that breaking up monopolies is not a punishment but a catalyst for innovation and growth. He points to the 1980s breakup of AT&T, which unleashed a wave of competition and created more shareholder value in the aggregate than the original monopoly.
He also proposes bold ideas like a "Corona Corps," a national service program for young people to help with testing and tracing, which would foster a sense of shared purpose and bridge partisan divides. Ultimately, Galloway argues that defeating the pandemic and moving from crisis to opportunity requires reawakening a national character of generosity, grit, and a willingness to sacrifice for one another and for future generations.
Conclusion
Narrator: The single most important takeaway from Post Corona is that the pandemic was not a blizzard or a hurricane, but a profound and lasting acceleration of trends that were already in motion. It has pulled the future forward, forcing a confrontation with the deep-seated inequalities, corporate monopolies, and societal fragilities that have defined the 21st century. The crisis has laid bare the choices we have been making for a generation—choices that have favored private wealth over public good, and individual gain over collective well-being.
The book leaves us with a challenging question: Now that the future is here, what will we do with it? Will we allow the forces of acceleration to permanently entrench a new caste system, or will we seize this moment as an opportunity to rebuild a more resilient, equitable, and prosperous society? The choices we make in the wake of this crisis will define the post-corona world for generations to come.