NEW POLICY MEMO for the Canada Europe Dialogue on Democracy Project (CEDoD): Rebuilding The Economy After Covid-19 by Alina Sobolik, BA in Political Science with a minor in European Studies, University of Victoria.
The novel Coronavirus or COVID-19, originating in Wuhan, China, has had an unprecedented effect on both the global economy and environment. Pollution levels over China and Europe are being reported at record lows. “Not even during the Great Depression and World War II did the bulk of economic activity literally shut down, as it has in China, the United States, and Europe today.”1 The United States stock market experienced its fastest decline in history (20% from its peak) within a period of 15 days.2 So far, state responses and recommendations have focused on restarting the economy and advancing cautiously, yet swiftly, into what is being termed a ‘new normal’. Along these lines, several governments have rolled out stimulus packages in order to keep the economy moving while adapting to social, political, and economic life in times of pandemic. Nevertheless, in this great reconstruction, governments seem to be ignoring the opportunity of reactivating economic life while also addressing another important emergency the planet is facing, the climate crisis. Following from this, I argue that this crisis could be an opportunity to reactivate the economy in a manner that addresses both the pandemic and the climate crisis through a re-imagining of our economies as circular and no longer relying on infinite growth.
Read the full Policy Memo by Alina Sobolik, BA in Political Science with a minor in European Studies, University of Victoria. Written in consultation with Dr. Pablo Ouziel, Dr. Keith Cherry and Dr. Oliver Schmidtke, Department of Political Science and Centre for Global Studies.
The CEDoD project is co-funded by the Erasmus+ Programme of the European Union and the Centre for Global Studies at the University of Victoria.
The European Union support for the production of publications does not constitute an endorsement of the contents which reflect the views only of the authors, and cannot be held responsible for any use which may be made of the information contained therein.