2020 – The Great Resetting

To anyone that is experiencing either physical or mental challenges – we are living through unprecedented times – and my heart goes out to you all. In this article, I wanted to reflect on lessons from the past and dare to dream of what we may experience once we overcome this pandemic.

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In my life, I’ve never used hand sanitisers – frequent hand washing always seemed adequate. Yet, three weeks ago, I started daily hand-sanitising, and I am certain I will adopt this habit for the rest of my life. 

As I write this article, the world is shutting down. Governments, companies, NGOs and people around the globe are aligning to a single purpose: stop the virus. In response, streets are emptying, flights are being cancelled, food is being stockpiled, and restaurants are closing. Phrases like ‘social distancing’ and ‘self-quarantine’ are becoming a frequent feature in our vocabulary. 

We’re also seeing unsung heroes emerge: medical professionals, supermarket workers and even delivery drivers that are putting themselves in harm’s way to either provide care or support the global supply chain of essential goods. Inspiring teachers are battling on, adapting and bringing new ways of educating our children. Wherever I look, I see countless examples of people from all walks of life, stepping up and adapting in this time of need. 

In a word, we’re seeing our way of life evolve.

Like many of you, I wonder how this evolution will play out in the future. Like all crises, this one will end – when it does, we must ask ourselves what did we learn and what will we change? 

It may be hard to see it now amid the trauma and fear – but the world has a rare opportunity to ‘reset’ its operating system. If we apply human ingenuity to this crisis, we can propel ourselves to a world that is both different and better. 

Don’t believe me? Let’s pause to look back 100 years. 

It was 1920, and the world was still recovering from years of hardship. The first World War had recently ended, many of the modern empires, such as the German, Austrio-Hungarian and Ottoman had collapsed, and – on top of this – the Spanish Flu had infected 500 million people, claiming around 50 million lives. Put simply, 1920 was the year when many unimaginable times started to calm and become events of the past.  

The years that followed ushered in an era of unprecedented creativity, discovery and prosperity. This ‘Golden Age’ (or Années folles, as the French called it) brought Jazz music, Art Deco style, Bauhaus design, the Ford Model T, and waves of support for women’s voting rights in the western world. The world ‘reset’ its social norms and habits, and prosperity bloomed. 

So, what might our world look like after we emerge from our current crises? It’s impossible to predict precisely, but I’ve given myself permission to dream three wishes for the world going forward.

First, a more just and fair society.

Second, increased togetherness.

Third, better use of resources. 

Let me explain…

1 - A more just and fair society

Since the 1970’s, our world has largely been ruled and driven by financial maximisation. The Nobel Prize-winning economist Milton Friedman became the first public figure to argue that businesses have no responsibility to society other than returning a profit. Businesses took that to heart. The shareholder value concept and quarterly reporting madness began to the detriment of society at large. As an economist by training, I wondered what Milton Friedman’s intentions indeed were. I’m not sure he intended to trigger the short-termism that followed the publication of his works.

The good news is the world is waking up to the fact that the status quo is unsustainable. This is well reflected in the UK Corporate Governance Code, which clearly states companies “do not exist in isolation” and are required to provide mutual benefit to societies beyond the myopic view of just shareholder return. More and more companies are thinking about their purpose and how they can positively impact their employees, the environment, and the communities in which they operate. 

My first wish is the current crisis will accelerate our world towards a more just and fair society. 

2 - Increased togetherness

I’m reminded of a famous quote: “if you want to go fast, go alone – if you want to go far, go together”. 

The challenges that we face across the world are truly global, and they require us to go far and go together. Our response to climate change, plastic waste, food supplies and of course medical security epitomise this need. No longer will companies or organisations be permitted to act solely in self-interest for profits and shareholders. The age of purpose and providing a long-term future for society has begun. 

Our world needs to shift from the “me” mindset and towards the “we” mindset. When the chips are down, we’ve proven that we can globally unite - and the results are extraordinary! Remember Live Aid? Organised by Bob Geldof in 1985, it was a dual-venue global benefit concert where nearly 40% of the world population tuned in to raise funds to relieve the Ethiopian famine. This event single-handedly raised the humanitarian concern to governments around the world. As a wise mentor of mine once told me: “You’re ill-advised to bet against humanity.” I tend to agree.  

My second wish is that all members of the global economy come together to collaborate and deliver returns for shareholder, and more importantly – society. 

3 - Better Use of Resources

As an economist and having spent much of my career amongst engineers, I’ve studied our shared enemy – waste. The manifestation of entropy is all around us, and it’s instilled a chronic unease within me. Whether it be our use of energy, food, or even our time, we have an unhealthy track record of waste. 

By focussing on the three elements of energy, food and time, I believe we can have a considerable impact. A significant enabler will, of course, be technology. Take ‘nest’ for example, a digital thermostat that uses machine learning to determine a user’s schedule, and then automatically regulates when to heat and cool their home. Nest users average 12-15% in energy savings without the need to change their lifestyle. 

Although we cannot entirely rely on technology alone to save us - it will require the integrity of all of us to step up and take individual responsibility. This crisis only reiterates our collective responsibility to be wiser and more prudent with our resources.

My third wish is that we guard these resources with all our might – even when no one is watching. 

Final Thoughts.

2020 can become the year of the ‘Great Resetting’ if companies, regulators and individuals take bold steps to change habits for the greater good. I’m going to hand-sanitise going forward, but I know I can do more. As a starting point, I would invite each of us to consider three questions that will hopefully prompt action:  

1.  Can you clearly articulate your purpose, values and role in life and society?

2.  What are your intrinsic sources of happiness and fulfilment?

3.  What are your emotions, reflections and dreams brought about by the current situation? 

I challenge you to write these down, take a photo of them on your phone, take action, and review in 12 months. For those of you brave enough for this challenge – I will be holding an event one year from today to share what I’ve changed, and I’d love to hear your progress.

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Are you up for it? ?? If you are, comment below and I will shortly send out an invite.

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A few book recommendations if you want to dig deeper on this topic:

• Yancey Strickler: “This Could be our Future: A Manifesto for a More Generous World”
• Joshua Becker: “The More of Less”
• Hillary Clinton: “Stronger Together”

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PS: I’ll be honest, my first week in quarantine has been a challenge. I miss spending time with my friends, I miss hugging my mother in Austria, and I miss the social aspect of work. Perhaps I have taken these for granted. But, a silver lining for me, has been the gift of time. It has allowed me to focus on things that I’ve wanted to do for many years but never found the time do them. I hope that many of you will also experience this fulfilling silver lining. 

We will get through this and, we will – RESET.