The pandemic has highlighted the vulnerability of human societies and fortified support for urgent climate action. But while the small government, free-market template of the last four decades suddenly looks terribly outdated, history suggests that transitions between phases of capitalist development can be harsh and uncertain.
PARIS – There is a growing possibility that the COVID-19 crisis will mark the end of the growth model born four decades ago with the Reagan-Thatcher revolution, China’s embrace of capitalism, and the demise of the Soviet Union. The pandemic has highlighted the vulnerability of human societies and fortified support for urgent climate action. And it has strengthened governments’ hand, eroded already-shaky support for globalization, and triggered a reappraisal of the social value of mundane tasks. The small government, free-market template suddenly looks terribly outdated.
PARIS – There is a growing possibility that the COVID-19 crisis will mark the end of the growth model born four decades ago with the Reagan-Thatcher revolution, China’s embrace of capitalism, and the demise of the Soviet Union. The pandemic has highlighted the vulnerability of human societies and fortified support for urgent climate action. And it has strengthened governments’ hand, eroded already-shaky support for globalization, and triggered a reappraisal of the social value of mundane tasks. The small government, free-market template suddenly looks terribly outdated.