I have read several interesting articles that lead me to believe a new normal may be induced by the Covid-19 and the global economic recession that follows. But I think the new normal will merely aggregate and intensify lots of pre-existing issues.
The inequality crisis, the tensions caused by globalisation, the climate change problems, the rise of populism, the pace of technological change, the growth in low pay work and the gig economy, growing fears born of insecurity (related to employment, health, crime, terrorism) etc. But, perhaps the biggest factor, which makes them all more problematic, is the loss of trust in our governments and other institutions in dealing with these issues.
The level of prosperity — human flourishing and wellbeing — a society enjoys depends on the effective functioning of many systems-of-systems, and the way they interact with each other given their interdependence. It is clear all of the key systems — politics, health, education, politics, finance etc. are operating in ways that restrain future opportunities and put at risk what we already have.
The institutions controlling these systems are failing us. Why? Because the most important of these systems have been captured and corrupted by vested interests to varying degrees. And to a massive degree in the world’s biggest economy and most powerful nation. This is made clear in The Politics Industry, by Katherine M. Gehl and Michael E. Porter, to be published on June 23rd.
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