One of the COVID-19 pandemic’s most important economic lessons is that innovation and inclusion need not be mutually exclusive. By pursuing the right policies, Western governments can promote both and thereby help to bring about a dynamic and equitable recovery.
PARIS – The COVID-19 pandemic has highlighted major weaknesses of both the US and European models of capitalism. In the United States, the crisis has shown the limits of an economic system that fails to protect individuals against the effects of creative destruction and the social consequences of a macroeconomic shock. In Europe, it has revealed the insufficient dynamism of the region’s innovation ecosystem – particularly in the biotech sector, which holds the key to ending the pandemic. For all the harm it has caused, therefore, the COVID-19 crisis is also a wake-up call to rethink capitalism.
PARIS – The COVID-19 pandemic has highlighted major weaknesses of both the US and European models of capitalism. In the United States, the crisis has shown the limits of an economic system that fails to protect individuals against the effects of creative destruction and the social consequences of a macroeconomic shock. In Europe, it has revealed the insufficient dynamism of the region’s innovation ecosystem – particularly in the biotech sector, which holds the key to ending the pandemic. For all the harm it has caused, therefore, the COVID-19 crisis is also a wake-up call to rethink capitalism.