A Great Reset To Capitalism

The Covid-19 crisis and the political, economic, and social disruptions it has created fundamentally change the traditional context for decision-making. The inequalities, flaws and inconsistencies of multiple systems –from health and finance to energy and education – are also exposed than ever amidst a global connection of concern for lives, livelihoods and the planet. World leaders find themselves at a historic crossroads, accomplishing short-term requirements against medium- and long-term doubts.

COVID-19 offers an excuse to “reset and reshape” the world in a more aligned form with the United Nations 2030 Sustainable Development Goals, as climate change, inequality, and poverty obtained even greater importance during the pandemic. This covers resetting labour markets as more people work remotely, furthering the “future of work”. The reset will encourage work now to develop the Fourth Industrial Revolution by upskilling and reskilling workers.
Another post-COVID matter suggested by the WEF is food security, mainly the “risk of disruptions to food supply chains” and the necessity for “global policy coordination” to counter “food protectionism from becoming the post-pandemic new normal.”
There are many reasons for pursuing the Great Reset, but the most important is COVID-19. The pandemic has already killed hundreds of thousands of people, representing one of the worst public health crises in recent history. There have been numerous deaths and casualties across the globe, so the war is far from over.

People who support free markets find the Great Reset nothing less than terrifying. Although our current crony capitalist system has many flaws, granting more power to government agents that created that system and eroding property rights is unnecessary. It is a step in the wrong direction.

Here’s why: COVID-19 is prompting us to reset many of our most basic behaviours. These changes affect our financial system, with an effect that is visible throughout our homes, businesses, and even our workplace.

The world must act collectively and swiftly to repair all aspects of our societies and economies, from education to social contracts and working conditions. From the United States to China, each country must cooperate, and every industry, from energy to technology, must be transformed. Simply put, capitalism needs a ‘Great Reset’.

Those companies that understand and adapt to these new conditions the fastest can gain a significant share of the market and secure their positions. Travel and tourism companies are faced with high levels of uncertainty and volatility when managing their price and customer relationships on a short-term basis while retuning their reservation software to optimise their revenues for a sustainable economic recovery.