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The Global Covid-19 System Crisis


Could the global outreach of Covid-19 lead to the next major shock to the Global System? This was the question I asked myself in January while observing the developments as regards the Covid-19 outbreak in Wuhan, China. Later on, I published an article claiming that the disruption of the global supply chains due to the outbreak of Covid-19 is to be seen as the canary in the Global System mine. Furthermore, I stressed that the markets had not anticipated the long-term disruptions of global supply chains, nor had they priced the real stress on the globalized networks as well as on the global flows of goods, people and services prior to the global outreach of the Covid-19. I concluded in mid-February that the Covid-19 pandemic would further aggravate the ongoing economic slowdown and trade stagnation and might even result in a yet unprecedented major shock to the Global System.

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Vienna, Austria

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