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COVID-19 Shock and Subsequent Crisis: How It Was
Abstract
The COVID-19 pandemic has wreaked havoc on national socioeconomic systems, causing the deepest economic downturn since the Great Depression. The rapid spread of coronavirus infection around the world revealed the absolute unpreparedness of national health systems to block fatal disease. The COVID-19 shock revealed a phenomenal paradox: an economy focused on meeting the needs of people, subordinated their desires, value orientations to economic goals. Macroeconomic equilibrium and financial stability have become publicly recognized social priorities, which violated the dialectic of society and the economy interaction. The post-shock societal crisis raised fundamental questions of what kind of society was built and what post-coronavirus reality should be. Following the shocks' theory findings, the contours of uncertain post-COVID future will be associated with new technological paradigm of the self-developing economy and society, the restoration of social integrity as a basis of constructing future economy, and the replacement of capital-centrism by human-centrism in all organizational structures.
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