Written by Quadri R. Atanda
In May, 2020 the World Economic Forum through its Director Klaus Schwab unveiled the Great Reset with support from Prince Charles of England. The Great Reset is a response to challenges brought about by Covid-19 and has, ‘Responsible Capitalism’ as aim implying the need for businesses to show more responsibility towards betterment of people, environment and societies.
Though this has been misconstrued in some quarters as an inclination towards socialism or imposition of a new world order, with conspiracy theory rising against it just as 80,000 petitions emerged against it in Canada not up to 72 hours after it was unveiled.
The Great Reset cannot be totally faulted as it seeks improved equitable outcome for leaders, those being led and various business stakeholders, it requests equity with sustainability as overriding goals of investments and demands utilisation of fourth industrial revolution for public good in terms of health, education, societal improvement and human development.
With challenges brought about by Covid-19 instigating unemployment and public debt rises, not forgetting the imbalance in access to resources and rewards that existed pre-covid 19, there is need for transformation across all industries through responsible capitalism, implying that capitalism must exhibit more responsibility toward employees, society and the environment by ensuring fair practices for long term environmental sustainability, employee welfare, people and societal betterment.
USA Emergency Economic Stabilisation Act of 2008 brought about legislation creating $700 billion Troubled Asset Relief Programme as bail out from the USA government to stabilize the economy and improve liquidity for instant and significant approach, which was to act as shock absorber in the wake of the economic depression as at then, POTUS Biden seems to toe the same line by focusing on means of alleviating the plight of individuals and families in the interim given the rampaging impact of Covid-19.
This is evident as USA President Joe Biden attempts putting in place interim socio-economic measures and relief in form of cash and welfarism to mitigate the direct effects of Covid-19 on many average US citizens while focusing on a long term holistic approach of revamping the economy which looks so laudable, yet will be tasking given the huge funds and processes that will be involved.
Obviously, POTUS Biden is attempting to reset certain situations from the onset of his presidency, and this cannot be lightly dismissed since he shows support for the Great Reset ideology.