In recent weeks, the world has witnessed several landmark events. Leaders of nations large and small were forced to make difficult decisions. The global nature of the pandemic and the ensuing crisis have changed the face of globalization itself. These changes often had mixed results. Here is a brief overview of some of these trends.
Global trade versus local priorities
As the pandemic spread, most countries closed their borders to anything but substantial movement. However, restrictions soon expanded in the economic and other fields. In March, India banned global exports of hydroxychloroquine, a drug that showed promise to treat coronavirus. The US government has stopped exporting masks to Canada under the Defense Manufacturing Act. Widespread logistical problems have raised concerns about the breakdown of international co-operation. Most of these challenges were caused by the disruption of key global supply chains.
Governments and companies are now looking for models that can shift their dependence on foreign suppliers. Large corporations are trying to move from global supplies just in time to more controllable local sources. The Harvard Business Review predicts in May that public opinion about globalization is likely to change permanently.
Empowerment of leadership
Many world leaders have done everything possible to combat the impact of COVID-19. However, some countries seem to have extremely effective strategies. Nations nations that have suffered less from the pandemic have largely acknowledged their national leaders for their effective policies and timely response. These leaders have become extremely popular and empowered. For example, Danish Prime Minister Mete Frederiksen quickly closed the country’s borders and initiated a blockade in early March. This has helped to significantly reduce the number of effective cases. According to a July survey by the statistical portal Statista, 76% of Danes already support it.
Vietnamese President Nguyen Phu Trung issued guidelines for the prevention and detection of outbreaks on January 21. In June, the IMF announced that because of this proactive approach, Vietnam would achieve a faster economic recovery than other countries in the region. The president has gained considerable popularity with his proactive decisions.
One trend is consistent worldwide. The population depended on its national leaders to make sound judgments and follow them with decisive action. Stories from around the world show that in a crisis, people are ready to empower their leaders with unlimited trust and support. In the coming years, we are likely to see a new wave of global leadership, characterized by bold decisions and bolder actions.
Gender and leadership
Women state leaders can be viewed in a different light after the pandemic. A June publication in The Harvard Business Review mentioned that countries with women in leadership suffered six times fewer confirmed deaths from COVID-19 than countries with men-led governments. This shows that the role of gender in world leadership is likely to change.
The global media quickly stood out “me first” kind of behavior by prominent world leaders. Still, there was a lot of cross-border cooperation motivated by a “Let’s work together” ideology. This was especially evident in the scientific community. Scientists from Australia and China have collectively analyzed the genome of COVID-19. They made it freely available to help accelerate global vaccine research. To this end, health experts from all continents regularly share information on various online communication platforms. Clinical trials are conducted globally.
Flow of information
In some respects, the current crisis has brought nations together and brought them together with a stream of important data. In March, a team of 300 engineers joined forces to build a 3D printed fan on Facebook under the COVID-19 open source medical supplies initiative. In May, UNESCO organized a global hackathon to find solutions to control COVID-19. More than 165 participants from 26 countries contributed to the event. Some of the ongoing open source projects to combat the crisis are unprecedented in scale and scope. The Institute for Management Development predicts that the world may become more globalized, at least in terms of the flow of ideas and solutions, if not products.
The concert economy
While corporations are trying to find ways to locate supplies of materials, the opposite is happening in human resources. Large and small organizations are looking for remote workers and workers. We are already working on concerts. With the priority of economic efficiency, organizations no longer mind hiring foreign and temporary workers. It’s easy for businesses send money online to pay their contract workers regardless of geography. The reliance of full-time workers is declining. According to the Deloitte Future of Work Accelerated report, 60% of organizations estimate an increase in worker dependence. These new trends are driving the concert economy.
About the author:
Hemant G is the author of Sparkwebs LLC, Digital and Content Marketing Agency. When he’s not writing, he enjoys traveling, diving and watching documentaries.