Globalization, Inequality, Environmental Damage and the Corona Pandemic - Lessons for Economic, Environmental and Social Policy

Abstract

The rapidly expanding corona pandemic in 2020 brought the world to virtual economic stagna-tion. While the impact on the environment from suspended air traffic, idle industry and economic lockdown has been considerable, so have the economic and social consequences of the crisis. To make matters worse, the resulting state of stagnation is neither economically nor socially sustaina-ble. Nevertheless, we need to ask ourselves what we can learn from the situation in order to ex-plore the benefits of globalization, intercept similar crisis situations more effectively in the future and move towards more sustainable development on an ecological, economic and social level. This paper identifies the areas of expanded externality management needed to further improve environmental quality, digitalization, network expansion and basic income. These central issues need to be addressed both during and after the crisis in order to deal with problems of inequality and climate change mitigation for current and future generations. Concrete concepts will be put forward and discussed in the paper.