Post Covid-19: On Globalization

Since the 1980s, the world economy became increasingly “globalized.” Put simply, the world economy witnessed increasing international mobility of goods and services (free trade), increasing international mobility of capital (finance) and, to a lesser extent, increasing international mobility of labor. Business has been the driver of this process. Business firms and corporations whose overriding, principal objective, have been the maximization of profits. 

As a result, countries and businesses became increasingly interdependent of each other. Countries like China, India, Turkey, Brazil and Russia experienced significant increases in income, while large swaths of the US economy endured a process of de-industrialization, with the corresponding negative impacts on economic and social well-being.

Then, almost inadvertently, Covid-19 brought the world economy to an abrupt stop. Your task is to reflect on the following quote:

“The ideology of ‘normalcy’ that so many pretend to return to [that is, to business as usual] is far more dangerous than the virus.” (Markus Gabriel, German Philosopher).

1.  Does this quote resonate within you? (Please note that, far more than your thoughts, I am asking you to feel if this quote moves you. Or not).

2.  What are the dangers that he alludes to? Why is he so alarmed?

3.  Notwithstanding this warning, do you believe that the world economy will remain business as usual? Or do you believe that this is a moment of renewal and transformative change?

4.  Think of the children who are born today. With respect to the ecology and care of Planet Earth, what world economy would you like to bequeath to them?

Please feel freely creative. Please enjoy the assignment. Please do not exceed three (3) pages in Word and include references.