ABSTRACT
The pandemic has been a crisis like no other, combining supply and demand shocks of types and magnitudes never seen before. There had been global pandemics in the past, but the modern context is fundamentally different, with deep global supply chains, substantial reliance on the service economy, and digitalization of many activities. It has exposed social and economic vulnerabilities that were known but under-appreciated, trade and financial interdependence that defy trade wars and great power rivalries, and bifurcations, both within and between societies, that once again have shone a glaring light on the inequities of this era.
