A pandemic like covid-19 wasn’t just anticipated — it is an inherent risk of globalization, and we need to determine how to mitigate the fallout and be better prepared in the future, argues economist Ian Goldin in this Financial Times podcast (listen, runtime: 18:30). As our global system becomes richer and more connected in different domains — trade, finance, the internet, human movement — more vectors for transmission are invariably created, meaning that threats of any kind can more easily flow across boundaries.

Does this mean globalization should be abandoned? Not at all, says Goldin. If countries become more insular and isolationist, it exacerbates a vicious cycle of decreasing growth, increasing inequality, widespread anger and more populism. What is needed instead is a truly global effort, where bodies like the WHO and governments work together to better prepare for future crises, like economic downturns, pandemics and climate change. The negatives of globalization, from illegal trade to election meddling to the anti-vax movement, need better management, he says.