Pandemic Crisis May Trigger Societal Restructuring

Dr Mah Hui Lim has been a university professor and banker, in the private sector and with the Asian Development Bank. Dr. Michael Heng, Former professor in Management Science. By Mah Hui Lim and Michael HengPENANG and SINGAPORE, Apr 6 2020 (IPS) The Chinese word for crisis consists of two characters – “weiji”. Wei means danger and ji means opportunity. Every crisis is pregnant with danger and risks but also with opportunities – for some to make money, for others to learn valuable lessons, and for society to reorient or restructure its priorities, institutions and even the system. Mah Hui LimMajor crises are moments when classes in society contest for power to restructure the economy, politics and society. The failure of President Hoover to deal with the devastations of the Great Depression led to the election of President Franklin Roosevelt (1933-38) who introduced major structural reforms in the economic, financial and political spheres. Hoover’s 3 Rs policies were relief, recovery and reforms. He implemented large scale public works to mop unemployment, introduced social security safety net which still exists today, tamed and regulated finance by separating investment banking from commercial banking, and set up regulatory watchdogs for the stock market. The 3Rs led to the eventual recovery of the economy and most significantly to a well-regulated financial system that did not experience major financial crises for over 40 years. Government took on a bigger ...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: Climate Change Development & Aid Economy & Trade Financial Crisis Global Headlines Health Humanitarian Emergencies TerraViva United Nations Source Type: news