The poor, no matter where they live, will suffer the greatest lasting toll
The novel coronavirus exposed and exacerbated the fragility and inequity of the global economic system. Many countries, including the U.S., proved unable to manufacture simple products such as face masks, let alone more complicated ones such as ventilators. Multiple supply chains broke. The resulting ordeal will almost surely lead to the creation of more onshore production facilities. An ugly nationalism displayed by countries that have hoarded vaccines and put profits over lives shows no sign of abating, despite its potentially devastating outcomes for the world.
The pandemic’s most significant outcome will be a worsening of inequality, both within the U.S. and between developed and developing countries. Global billionaire wealth grew by $4.4 trillion between 2020 and 2021, and at the same time more than 100 million people fell below the poverty line. Just how bad the situation will become depends on how long the disease rages and what policy makers do to
— source scientificamerican.com | Joseph E. Stiglitz | Mar 1, 2022