Opinion | Coronavirus has exposed the diseased heart of the global economy
- Ironically Donald Trump may have been right that some goods should be ‘Made in America’. He was just wrong about what these should be
- There seems to be no mechanism, nor motivation, for manufacturers to make something in the public interest
Many non-Americans (and likely many Americans) would have been amazed at the dirty linen being aired on global news networks over the past week.
It is still surprising that the US – the world’s largest and most advanced economy – is clearly struggling to make and procure basic medical equipment.
One of the world’s great cities – New York – has been shut down, with hospitals stretched to their limit and medical staff begging for supplies.
Those who have been critical of the American model of extreme capitalism, economic growth and shareholder greed may see the crisis as ultimate proof of that system’s failings, but even they are probably surprised at how unprepared the country was.
America’s reputation as an economy that could make anything well and quickly has been shattered by this crisis. Asian countries should look critically at the global systems that underpin the world economy.
