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A Systemic Recovery

image of A Systemic Recovery

New economic thinking and acting through a systemic approach could outline policy alternatives to tackle the global-scale systemic challenges of financial, economic, social and environmental emergencies, and help steer our recovery out of the current crisis. A systemic recovery requires an economic approach that balances several factors – markets and states, efficiency and resilience, growth and sustainability, national and global stability, short-term emergency measures and long-term structural change. To achieve this, we need to think beyond our policy silos, comprehend our interconnections, and build resilience into our systems.

English

Executive Summary

Governments have spent over 16 trillion dollars responding to the Covid-19 crisis, while it would have cost only five dollars per person to prepare for an outbreak. A health condition that was being compared to a flu outbreak at the end of 2019 quickly provoked economic and social devastation worldwide, in addition to the health impacts. Policymakers often have a linear view of the world, where pulling the right levers will get the economy and society back on track after shocks and crises. Such an approach ignores how systems interact and how their systemic properties shape this interaction, leading to an over-emphasis on a limited set of characteristics, notably efficiency.

English

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