A new deal after COVID-19

Abstract

ABSTRACT The COVID-19 pandemic has revealed grave structural faults in our global institutional architecture. We argue that political energies should now be focused on three main areas where transformative reorganizations are realistically achievable. In global health, we propose that monopoly patents be complemented by health impact rewards as an optional alternative incentive for developing and supplying innovative pharmaceuticals. To slow global warming, we propose a common glide path for reducing per-capita emissions, with the option to compensate for temporary excess emissions by financing the achievement of additional emission reductions in poorer countries. For the global financial sector, we propose eliminating fossil-fuel subsidies, reintroducing Glass–Stegall, protecting the fair value of international natural-resource sales, and instituting an alternative minimum tax on corporations, financial transactions taxes and progressive taxes on internationally operating digital businesses.