The COVID-19 pandemic is a blunt reminder of the fragility of some of our most basic human-made systems. Shortages of masks, tests, ventilators and other essential items have left frontline workers and the general population dangerously exposed to the disease itself. At a wider level, we have witnessed the cascading collapse of entire production, financial, and transportation systems, because of a vicious combination of supply and demand shocks.
Many of the initial political reactions have been even more distressing. Rather than devise ways to work together more effectively, some political leaders have instead erected new barriers to cooperation. In light of the increasingly strident nationalism previously ascendant around the world, it is clear that the intellectual framework that has
governed political economic thinking suffers from fundamental flaws.
The key question is, what next? Do the peoples of the world now compete to nationalize and localize production, in ways that may make us much less safe? Or do we set about building next-generation international systems that work for all of us?
How we answer these questions may well determine the survival of our societies as we have known them.
Please join Open Markets and the OECD for a virtual event on Thursday, April 23rd as we explore what's next. Leading thinkers such as Paul Romer, Rana Foroohar, Paul Tucker, Michael Osterholm, Michael Masters, Ganesh Sitaram and others will be part of the
conversation. More details on the panels and the link to the event will be forthcoming.