Since the second week of the march of 2020, the world as we knew it, started to drastically change, a virus came into our life that made businesses close, a school close and we needed to start practicing social distance and wear masks all the time. This pandemic represents one of the worst public-health crises in recent history. With casualties affecting many parts of the world, is far from over.

This will have long time consequences involving economic growth, public debt, employment, and human well-being and mental health.

Unemployment and debt have reached the highest peak compared to the 2008 financial crisis. According to the Financial Times with new weekly claims far above historic highs. The International Monetary Fund expects the world economy to shrink by 3% this year – a downgrade of 6.3 percentage points in just four months.

With this crisis, some other important topics and important issues as a social and environmental crisis are being left behind. According to several articles, some countries are using COVID-19 as an excuse to weaken environmental protections and social inequalities. Even though COVID-19 lockdowns are starting to gradually ease, there is still some anxiety about the world’s social and economic status.

To achieve a better result, the world must join together to revamp all aspects of our societies and economies, from education to social contracts and working conditions. Every country must participate, and every industry. In short, the world needs a  “Great Reset” of capitalism.

That is why, the theme of next year’s conference in Davos would be focusing on “The Great Reset of Capitalism” All of these crises, all together with COVID-19, will leave the world even less sustainable, less equal, and more fragile. It’s clear that we need to step up and work for the world that we want. That is why the “Great Reset” is needed and it needs the support of many governments as possible.

In next year’s agenda, the “Great Reset” will have 3 components. According to the official website of the Conference week, The first component would make the market move toward fairer outcomes. To this end, governments should improve coordination, for example, in tax, regulatory, and fiscal policy, upgrade trade arrangements, and create the conditions for a “stakeholder economy.”

The second component of the agenda would ensure that investments advance shared goals, such as equality and sustainability. The third point of the agenda is to harness the innovations of the Fourth Industrial Revolution to support the public good, especially by addressing health and social challenges.

After all, these crises will make us create a better world, leave the old one, and start this reset.