The Coronavirus Crisis is an Opportunity to Reform the Global Economic System

HKUST IEMS Thought Leadership Briefs No. 40

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Donald Low, Michael Tyrala

The coronavirus crisis represents one of the most devastating events of the twenty-first century, and even as the disease shows few signs of abating despite prolonged lockdowns, projections show the worst is yet to come in the form of severe economic hardship. The overall failure of global society to adequately respond to this crisis has revealed the many ways in which the current model of neoliberal globalization has left our economies and societies vulnerable and fragile in the face of cataclysmic shocks. Transitioning to a “new normal” will require governments to not only utilize a multi-pronged strategy involving suppression and mitigation, tough social distancing and personal hygiene rules, large-scale tracing and testing, and various other measures, but also to seize the opportunity this crisis offers to reform the global economic system with a view toward greater diversity, adaptability, and resilience to future shocks.

 

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