Re-thinking our Global Economic Future: reflections on the early stage impact of COVID-19 crisis
Coronavirus/ Covid-19. Paper by Prof Andrew Goudie exploring the future economy in light of the coronavirus pandemic.
It divided the crisis into three phases – the humanitarian response, the initial relaxation of restrictions and the third phase of “hesitant recovery” – which the paper sought to understand and support.
The paper warns of the “immensely difficult choices” ahead and that societies would need to “accept new behaviours and relinquish established ways of life that they have come to assume as a right”. It advocates for a “new economic system” which addresses the familiar problems posed by inequality and the environment as well as the “immense global health risks” of coronavirus and future pandemics.
Key themes discussed include: Political response, Public services: priorities, inequality and fairness, Global inequality.
Potential issues for future exploration:
- Global/macro issues • Links between global public health & global economy • Risk readiness • Implications for ‘Grand Challenges’ - e.g. climate change
- Governance & Institutions • Devolved vs. reserved institutions • Deliverability of support schemes • Implications for Scottish Budget • Debates around role of the State (the economy of last resort)
- The economy • Underlying structure of our economy - who wins/who loses • Regional impacts across the UK • Outlook for key sectors • Future labour market – including the gig economy • Outlook for productivity
- People & households • Home working/wellbeing • Poverty/child poverty • Household incomes and inequality • Asset values and pensions • Inter-generational equity
