The International systems are
surprisingly fresh that a disease that
could spark up in one area of one the country could suddenly spread globally
and literally shut down the international
system the coronavirus is changing life
as we know it on a daily basis in COVID19, 2025 we'll explore how the pandemic is
rewriting our future. I hope for the
future from now this crisis is that we
really recognize how interconnected the
world of this is something that we
give lip service to we talk about how
all the world is connected and you can
go on the internet talk to someone who's
in China right now you don't have to
wait on them.
We talk a lot about it so
we're very much aware of the global economy of the interconnected nature. But
I don't think we're we recognized how
intimately salient that is so until we
suddenly see something like this we're seeing States kind of retrenched to themselves protect themselves raise barriers in a way avoid kind of the cooperation that might actually be in some ways were a better solution to this problem. This is just emphasizing or heightening trends that we observed happening prior to COVID 19 one of those ways is we're starting to see a fracturing if you will of what many people many scholars pundits folks in the media and etc have referred to as the liberal international order one of the key features of it are all the various international organization's international institutions that have been formed largely since.
World War two things like the United Nations the WTO prior to that general agreement on trade and tariffs the International Monetary Fund. The World Bank and most notably the World Health Organization being an institution that came into existence after World War two and with the purpose of helping to address these very pandemics of the scenes. The Chinese government had news COVID 19. As an opportunity to try to begin positioning itself as an alternative to US leadership if not trying to directly replace US leadership these two countries were already viewing each other as competitors we're witnessing them competing with each other during this crisis and I think that following the crisis we're going to continue to see them competing with each other whether that is trying to create alternative international institutions.
But u.s. said you know what we're not going to worry about focusing on creating global institutions. We're going to focus on supporting more regional institutions or institutions that are more specially tailored to you as interest and could China do the same thing could China creates a Chinese health organization and encourage countries to join that COVID 19 crisis has highlighted the centrality of the Fed. and the US dollars
to the international system in particular
the global economy what happened back in
2008 during the International global the financial crisis was Oh the Federal
Reserve took a leading role as a kind of
serving as a lender of last resort not
just for our fund. But globally when we're
seeing this behind further in this a crisis where a host of central banks are
essentially being lent to by the Federal
Reserve.
In fact, some observers of this
end even said the Federal Reserve has
now become the world's central bank not
just the US central bank that's not
something that's going to suddenly
change once this crisis is over and so
in many ways. This is only further
entrenching the centrality of the
Federal Reserve and u.s. dollar in
the global economy that's gonna have a
profound long-term impact talking a lot
about the United States, we're talking
quite a bit about if you will problems
facing the developed world. But a big
point of concern is what's going to
happen in developing world co19 hasn't
yet hit the developing road at the same
rate scale that it's hit the developed the world there's a real concern that this is
gonna do long-term damage to say various nations in Africa this could become a humongous humanitarian crisis in India.
So this is a huge concern and given that one expects these to be the major growth markets of the global economy going forward if they're devastated by koban 19 that again could have profound impacts going forward an outcome that should be encouraged. As a result of COVID 19 is those realizations of the fragility of the international system the problem is when the pandemic is gone the pandemic will be gone. And it may be gone for five years and during that time people have a tendency to revert back to a kind of a very myopic view very short-sightedness of kind of saying well what's my current problem. And I'm going to spend money and budget for the current problem. I share this phrase of my students which is that for many of the biggest problems in the world you
can't teach your way out of it at the end
of the day you need to have a political the solution to many of the problems that we
face in the world.
Today the International systems are surprisingly fresh that a disease that could spark up in one area of one country could suddenly spread globally and literally shut down the international system the coronavirus is changing lives. As we know it on a daily basis in COVID 19 2025 we'll explore how the pandemic is rewriting in the future.
