Lockdown is not a guarantee of economic devastation. It's a wake up call to reform our economies.
Preserving the greater good and saving lives needs to be paramount to all other concerns. That being said, Covid-19 has revealed major issues within the economic system that needs reforming. The UK's economic model, as it stands, cannot last. The government needs to adopt a donut-style economic model to future-proof the UK's economy.
The Donut—a term and model coined by economist Kate Raworth and Oxfam—details how an economic, social, and political system can be built to help those most in need.
Raworths model has several social issues in the interior of the donut: mass unemployment, world poverty, the gender pay and representation gap, and malnourishment, and others. All the while, the exterior of the donut names nine ecological issues that, according to Raworth and Oxfam, can be achieved while fixing social issues. The happy middle, where geological effects are minimized and social issues are lifted, is where the donut lies. If one climate or earth issue passes the "ecological ceiling," the earth will begin to deteriorate beyond repair. This model can—and should—be used to enact monetary policy that preserves the environment, all the while working to lift people out of poverty, create equitable governments and equal pay, and better society.
Raworth writes that, in order for her model to work, we need to rethink what we know about equality.
This new economy and move towards more conscious capitalism needs to be distributive, but not just on income, on all factors of wealth including land, enterprise, and money creation. While economic and social justice might seem incompatible, activist George Monbiot says that the two are linked.
In an opinion for The Guardian, Monbiot writes that the only way to create a socially equitable economy and uplift the poorest people is by preserving the environment and our planet.
While lockdown can be grueling and people will get restless, the health of the population must come before all else. And after months of lockdown, Britain needs to implement a system that is more equitable for everyone.