Evolutionary Transformation of the Global System and the COVID-19 Pandemic: The Search for a New Development Trajectory

Charis Vlados and Dimos Chatzinikolaou

No 12-2021, DUTH Research Papers in Economics from Democritus University of Thrace, Department of Economics

Abstract: In this study, we aim to determine how the global turmoil of COVID-19 acts as a catalyst for global transformations. After examining recent sociological and economic implications of this pandemic crisis, we analyse specific theoretical frameworks that can be helpful to illuminate some of the features of the current global evolutionary readjustment from an elliptic point of view. These theoretical approaches are the techno-economic paradigm shift, the notion of ‘endless transition’, the fourth industrial revolution analytical framework, and the approach of ‘new globalisation’. Finally, we identify that the current pandemic crisis has caused a ‘stroke’ to the world economy that accelerates developments and radically intensifies the pre-existing challenges. Especially for the less developed, stable, and resilient socio-economic systems and organisations (the case study of Cyprus is examined, respectively), we conclude that their survival and growth depends primarily upon their potential for adaptiveness, innovation, and on building efficient change management aptitudes and mechanisms.

Keywords: evolutionary global transformation; COVID-19 pandemic; economic development; techno-economic paradigm shift; endless transition; fourth industrial revolution; new globalisation; Cypriot socio-economic system; adaptiveness; change management (search for similar items in EconPapers)
JEL-codes: B52 F63 F69 M19 O10 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2021-11-16
New Economics Papers: this item is included in nep-ban, nep-evo and nep-hme
Note: Cyprus Review. Vol. 33, No. 1, pp. 127-166.
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Persistent link: https://EconPapers.repec.org/RePEc:ris:duthrp:2021_012

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