#1. COVID-19 exposes cracks in the social contract
“As western leaders learnt in the Great Depression, and after the second world war,” writes the UK’s Financial Times, “to demand collective sacrifice you must offer a social contract that benefits everyone.” The paper argues that the COVID-19 pandemic shows that the social contract is no longer benefiting all. That view is echoed by The Brookings Institution, which argues that unemployment insurance needs to be reformed. Meanwhile, billionaire short-seller Jim Chanos argues that gig economy firms will be damaged by the pandemic because taxpayers have had to pick up much of the bill to support their workers during the crisis. The crisis is stretching the social contract as we know it and making clear that we need a rethink. All workers need social protection, regardless of the form of work.