Public-Private Partnerships: Policy Prescription during the Era of Pandemics

Abe Harraf (), Jay M. Lightfoot () and Adam Cole ()
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Abe Harraf: University of Northern Colorado, USA
Jay M. Lightfoot: University of Northern Colorado, USA
Adam Cole: University of Northern Colorado, USA

Eurasian Journal of Business and Management, 2022, vol. 10, issue 4, 204-211

Abstract: The COVID-19 pandemic caused disruptions in global supply chains that have resulted in prolonged shortages and financial hardships for many corporations. While organizations have dealt with supply chain interruptions for natural disasters and stock market crashes before, the COVID-19 pandemic presented a larger and unique challenge, and it required the need for resiliency in supply chains. This paper discusses several alternatives that can mitigate potential supply chain disruptions. Despite the natural inclination to protect domestic companies and industries, this paper cautions against the use of protectionism policies to prevent supply chain disruptions, as protectionism is proven to be damaging to innovation and eliminates the positive aspects of international trade and globalization. The paper recommends that governments and corporations establish strategically designed and aligned public-private partnerships that simultaneously encourage the principles of the free-market economy while providing increased preparation for supply chain disruptions caused by future global events. We further attest that Public-private partnerships will increase supply chain resiliency while simultaneously enhancing public welfare.

Keywords: COVID-19 Pandemic; Supply Chains; Globalization; Protectionism; Public Policy; Public-Private Partnerships (search for similar items in EconPapers)
Date: 2022
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