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The Covid-19/SARS CoV-2 pandemic outbreak and the risk of institutional failures

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  • Marcello Basili
  • Antonio Nicita

Abstract

The new coronavirus CoVid-19 (SARS Cov-2) pandemic outbreak all around theWorld puts in evidence how institutional failures may end up in a catastrophic event. The precautionary principle (PP) has been proposed as the proper guide for the decision-making criteria to be adopted in the face of the new catastrophic risks that have arisen in the decades of this century. Unfortunately the political institutions at the national and supranational level, such as the European Union Commission, seem having neglected it opening the scenario of a lethal global pandemic that could cause millions of deaths, principally elderlies with chronic diseases, based on early evidence in China and Italy. According to scientists and health authorities human beings are facing the high probable nightmare of a very aggressive and mortal pandemy, worst than the Spanish flu (1918-1919) the most famous reconbined avian flu killed millions, without targeted therapeutics for treatment and vaccines.

Suggested Citation

  • Marcello Basili & Antonio Nicita, 2020. "The Covid-19/SARS CoV-2 pandemic outbreak and the risk of institutional failures," Department of Economics University of Siena 823, Department of Economics, University of Siena.
    • Handle: RePEc:usi:wpaper:823
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    File URL: http://repec.deps.unisi.it/quaderni/823.pdf
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    References listed on IDEAS

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    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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