Lessons from COVID-19 and Its Impact on Reallocation of Resources: A Cross-Country Comparison in Search of a Global Perspective

Pandemics and infectious diseases have brought fundamental changes throughout history by exposing the problems of societies. We know that climate change alters human relationships to other species on Earth and the process enhances the risk of pandemics. This chapter takes a cross-country comparison to look into the existing economic and social problems faced during COVID-19 across the nations. It brings attention to an important fact that some of the most essential elements of a balanced and humanly conceivable life on Earth are not based on demand, but rather on meeting the needs of the individuals, groups, and communities. While the need is obvious, there is no clear mechanism for resolving the problem of production of global public goods. Trust in governments is an essential asset for the success of nations in dealing with calamities and disasters. Helping people to stay in lockdown can only be successful when people are given the choice by setting in place economic measures which can support people out of jobs through relevant fiscal policies. Pandemics may inflict severe damage to globalization, free trade, multilateralism, and cooperative international development. This chapter reveals that problems witnessed during this crisis are systemic and caused by the dysfunctional neoliberal corporate capitalism. It is hard to imagine the way forward with any degree of certainty, but we should come to agree that without a systemic change, we will threaten our own existence and the pressure for change will become even more compelling.