The Covid 19 pandemic is the second major crisis of globalization in a decade. The first was the global financial crisis of 2008-2009, from which the global economy took years to reach a semblance of recovery. We did not learn our lessons from the first, and this is perhaps why the impact of the second has been even more massive.
China’s rapid growth has produced prosperity and reduced poverty. It has also generated less wholesome economic, social, and ecological consequences which are now catching up with it, making the much-vaunted Chinese model increasingly less attractive for developing economies.