Globality

After being greatly inspired by The Entrepreneurial State, I was thrilled to discover that Mariana Mazzucato had written a new book about how the blurriness of the global economy has made it more difficult to determine what and who is actually creating value.

The SARS-CoV-2 virus outbreak has clearly put the spotlight on how economically integrated our world has become. Just the other day, Carbon Brief put out a new report showing that global emissions are already down by 100 MtCO₂ as coal consumption in China has plummeted in the wake of the epidemic.

With new outbreaks in Korea, Italy, and Iran, I fear it has become increasingly difficult to prevent a full-blown pandemic. If so, it will be the first time since the Hong Kong flu of 1968 (which I still remember my grandmother telling me about) and, given how globalized and risk-averse the world has become, it may end up having far-reaching political and economic repercussions. Already, domestic air travel in China is down by 70%, and both Cathay Pacific and Singapore Airlines have announced significant cuts.