The old model delivered extraordinary benefits to humanity, but it also created winners and losers. The coronavirus pandemic is a reminder that we must look to the needs of the losers.

Running parallel to the global battle against the coronavirus pandemic is a tug of war between two competing narratives about how the world ought to be governed

The impact of the pandemic on China and other countries will linger long after it ends. It will lead to a dramatic reshaping of the global landscape of supply and industrial chains and the entire order of world trade. The process has already begun.

It appears to be inevitable that global industrial and supply chains will be realigned as a consequence of the coronavirus pandemic. But the reshuffling had already begun.

The pandemic will drive major changes in global supply chains and in relations between China and the United States. The anti-globalists will spare no effort to use the ongoing health crisis to drive further wedges.

In an effort to get a handle on the economic and financial consequences of the COVID-19 pandemic, the first instinct is to search for precedents and remedies in earlier crises. Many have pointed to the 2008 global financial crisis (GFC) as the most relevant example, especially in the aftermath of the extraordinary monetary-policy actions announced by the US Federal Reserve on March 15. That would be an unfortunate mistake.

It was the world’s most dramatic two weeks for the turmoil caused by the novel coronavirus. From the giant statues of Rapa Nui (Easter Island) and scenic beauty of Patagonia, I followed with enforced detachment. The World Health Organization declared Covid-19 as a world pandemic during this period. With the coronavirus spreading to 80 countries in a blink of eye, the stock market plummeted to a level not seen since Trump came into office.

Dismantling supply chains that took years, or even decades, to build is an expensive and time-consuming proposition. Many factors must be taken into account, including product quality, price and the reliability of prospective new channels.

To overcome challenges, several steps must be taken, starting with an update of an outmoded health security concept characterized by the “panic-neglect” cycle, as well as sharing experience so the world doesn’t have to start from scratch in every crisis.

US-China economic and technology relations are in an unexpected flux since the outbreak of the coronavirus.