RETHINKING GLOBAL RESILIENCE

• Published in: Finance & Development Vol. 57; no. 3; pp. 4 - 9
• Main Author: Goldin, Ian
• Format: Trade Publication Article
• Language: English
• Published: Washington International Monetary Fund 01.09.2020
• Subjects: Climate change; Cooperation; Coronaviruses; COVID-19; Defects; Disease transmission; Economic crisis; Fossil fuels; Globalization; Infrastructure; International finance; Pandemics; Stockholders
• ISSN: 0015-1947

The pandemic is straining economic and social fault lines: the only remedy is international cooperation An infected passenger flies from Wuhan to Milan, a computer virus invades an internet connection, subprime defaults in the US Midwest trigger a global economic crisis. There also is no major global organization working on cybercrime, even though a single computer virus, such as WannaCry or NotPetya-whether produced by organized state agencies or lone-wolf individuals-can spread globally and cause billions of dollars of damage within days. China-centered institutions are becoming increasingly important, including the Asian Infrastructure Investment Bank and the constellation of bilateral agreements forming the Belt and Road Initiative. Facebook has emerged as a dominant distribution system for public health information, and Alibaba for personal protective equipment; Apple and Google lead Western attempts at app-based contact tracing.