Global value chains
Many have focused since the beginning of this crisis on its impact on the global value chains, their vulnerabilities and the fragility of our system this revealed. And true this is an important issue. Central to whatever recovery we will achieve. Central as well to the new design of globalisation so many are debating those days.
I would however argue that more crucial and to a large extent more revealing of our fragilities is the vulnerability of the global chains of values. Values have been shaken. Cooperation. Solidarity. Common Good. Health of the Planet.... they have all taken a hit.
We will not rebuild proper value chains if these chains are not rooted in real values and remain off-ground. Maximization of profit is no longer even « good enough ».
We all have in mind the famous answer of Lord Darlington to Cecil Graham asking in the picture of Dorian Gray : « what is a cynic? - A man who knows the price of everything and the value of nothing ».
Let’s hope the cynics will have the lower hand for a while. If we can rebuild on the rock not on quicksands. On values. Not just on valuations. There is a bright future ahead of us.