The Status Quo Might Be Over: Post-Pandemic World Looks Different
I think the time has come to abandon outdated concepts, change our mindset, reimagine policies that govern us, and look for new practical solutions.
As we draw closer to the reopening of economies after months of lockdowns, loss of life, shuttering of much of the global economy, and uncertainty. Many are wondering if the pandemic will change the world forever for the better.
Here are some of the questions popping into the heads of many experts with uncertainty: Is cash going to be a thing of the past — are we going to see a cashless society soon? Will debt soar? Will the flood of money from central banks and governments be enough to prevent a recession? Will the pandemic impact globalization? Will it disrupt global supply chains and distribution networks? Will it increase local production leading governments to turn inward, focusing on what takes place within their borders rather than on what happens beyond them? Will companies demand to know more about where their supplies come from- will profitability rise, and will supply be stable? Will it teach governments to adopt emergency measures to manage crises? Is it time society renounces some of the fundamental values that have described our individual and collective transformation over the years? Will businesses be as usual or will the pandemic push employers to shift the status quo of work experiences? Would those new work experiences lead to new portable benefits systems that move with workers and broaden the definition of the workplace — will this trend continue?
In the past, humans have used all sorts of things as a form of exchange for goods and services- from Barter (a system of exchange where goods or services are exchanged for other goods or services without using money) to the use of currency and electronic money. With an increase in cashless transactions worldwide to combat the spread of the virus in cash transactions, many economic transactions are regularly taking place electronically and in mobile phone payments without the exchange of any physical currency. I wonder if the world after this pandemic could be the beginning of the end of cash. Would digital and card payments together with financial institutions push the benefits of going cashless?
To my knowledge of economics so far, I see positive payoffs in a cashless society: it serves as new tools to manage economies, lowers costs for small and medium businesses, stands in the way of tax evasion, and fights types of money laundering including cash business schemes.
Although the scars of Covid-19 might take some time to heal from and get over, it would be a wasted opportunity not to take this as a wake-up call, to strengthen our leadership, place humanity as our top priority, etc.
Setting aside all that happened during these unprecedented times, one thing is certain: The post-pandemic world will not be the same; it will lead to permanent shifts in almost every aspect of life in ways that will become apparent only later. It is clear that the pandemic will change the way we learn, the way we do work, the way society gathers, the way we worship, the way we behave, and the way we live in general. There is a real chance now to build back better more equal, sustainable and resilient pathways that enable us not only to beat the virus but tackle the climate crisis and create new ways and institutions that bring innovative solutions to our existing issues, rather than rush back to normal—everything we do after this pandemic, as shared and collective responsibility must focus on recovering our economies. Post COVID-19 world will be led by technology, we either change or lag behind.
Covid19 has shown us the power of the human spirit — of doctors, nurses, leaders, policymakers, business owners, and ordinary citizens demonstrating resilience, effectiveness, and leadership by showing courage, kindness, and giving hope that men and women around the world can prevail to an extraordinary challenge. In the past, humans overcame all kinds of social upheaval —I believe we as well can emerge from this circumstance stronger and better than before.
In a post-pandemic world, the battle of climate change is waiting for us and renewable energy can be one way forward. The economics of renewable energy are well known, it is cheaper than oil, gas, or coal and capable of changing the global energy landscape. Changing the energy map might seem like a costly thing to do, but in practice — I believe — it is cheaper and can save us many of the climate change effects especially if we count the money spent on recovering from disasters caused by floods, fires, hurricanes, and so on, or the cost of treating the diseases it causes, it’s clear that pivoting to renewables makes sense.
A post-corona economic reconstruction in every aspect of our systems is a no-brainer. I think the time has come to abandon outdated concepts, change our mindset, reimagine policies that govern us, and look for new practical solutions.
