COVID-19 and the Structural Crises of Our Time

COVID-19 and the Structural Crises of Our Time
Date of publication:  2021
Publisher:  ISEAS – Yusof Ishak Institute
Number of pages:  199
Code:  BM614
Soft Cover
ISBN: 9789814951807
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About the publication

“We live in paradoxical times. Traditionally, the West has led the world in theory and practice. Yet, recent developments, from COVID-19 to the storming of the US Capitol, show how lost the West has become. This loss of direction has deep roots. In their usual thoughtful and incisive fashion, Lim Mah-Hui and Michael Heng Siam-Heng, draw out the deeper origins of our current crises and show us a new way forward. A must-read for anyone who wants to understand our strange times." 
Kishore Mahbubani, founding Dean of the Lee Kuan Yew School of Public Policy, National University of Singapore, is the author of Has China Won? 

“A powerful and compelling critique of neoliberal globalization and its potentially devastating, but long underestimated, consequences for financial stability, the environment, social equity and democracy. COVID-19 has laid bare these dysfunctions and stresses. But this is not a pessimistic book. The authors argue, correctly, that we may be on the cusp of another Great Transformation. The choices we make today to make markets more resilient, improve social protection, and preserve our freedoms could lay the foundations for a sustainable globalization that works for future generations.” 
Donald Low, Professor of Practice in Public Policy and Director of the Institute for Emerging Market Studies, Hong Kong University of Science and Technology 

“This fascinating book highlights the interplay between financial and health crises that the COVID-19 pandemic exposed. Financialized capitalism is bad for the planet, bad for human health, and creates more unequal and insecure societies. The authors make a strong and convincing case for re-embedding markets into society and finance into the real economy.” 
Jayati Ghosh, Professor of Economics, University of Massachusetts at Amherst, USA 

“Lim and Heng’s ambitious volume argues that 2020 was the year of the global ‘perfect storm’ of multiple crises, with the COVID-19 pandemic exacerbating financial, economic, socio-political and environmental breakdowns. They extend Karl Polanyi’s original insights to appeal for a sustainable global New Deal. While the reader may not agree with all their theses, the scope of their coverage and ambition will set the stage for debates over the annus horribilis.” 
Jomo K.S., Founder-chair, IDEAS; former United Nations Assistant Secretary General 

"This book provides plenty of food for thought for many pondering if the COVID-19 crisis could lead to a major transformation of the global economic system shaped by unfettered market forces and policies of governments in their service."
Yilmaz Akyuz, former Director, UNCTAD, Geneva


  • COVID-19 and the Structural Crises of Our Time
    [Whole Publication, ISBN: 9789814951814], by Lim Mah-Hui, Michael Heng Siam-Heng, authors
  • Preliminary pages
  • 1. The Great Transformation: Free Market Capitalism and the Destruction of Man, Nature and Society
  • 2: Pandemics: Unsurprising but Governments Unprepared?
  • 3. Economic Rescue, Stimulus and Its Aftermath
  • 4. Sowing the Seeds of the Next Financial Crisis
  • 5: Populism and the Crisis of Democracy
  • 6: What Next?
  • Glossary for Chapter 2
  • Bibliography
  • Index
  • About the Authors

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