The Great Reset

It fills me with despair to see conspiracy theories fed by your “Pandemic Recovery Plan” commentary published in various newspapers.

The Great Reset: How New Ways of Living and Working Drive Post-Crash Prosperity is a book published in 2010 by Richard Florida, professor at U of T’s Rotman School of Management. It explores how economic events, such as the Great Depression of the 1930’s, influences American society and contributes to innovation and economic growth. Covid-19:The Great Reset published in 2020 (10 years later!) is a book co-authored by Klaus Schwab & Thierry Malleret seeking to explain how COVID-19 disrupted our social and economic systems and the changes needed to build a more inclusive, resilient & sustainable world for the future.

The Great Reset: The Unfolding Bear Market and the Opportunity of a Lifetime, by S.Yadunath, speaks of the March 2020 stock market crash ending the longest bull market in history. The Great Reset: A Human Livestock Dystopia Paperback – Oct 19. 2020 by Jason Glunk, is a dystopian novel about a mysterious virus appearing in the world where rich and powerful strip away rights, separate families and install surveillance reminiscent of the George Orwell’s 1984 novel.

I’m not sure who originally coined “The Great Reset” phrase, but (sorry Virginia!) Klaus Schwab may have not been the first. Given the previous book list, led by U of T’s Richard Florida’s “The Great Reset” book in 2010, I suspect “The Great Reset is a commonly accepted North American business theory applied to economic history. It is not, as you imply, a conspiracy to replace capitalism with socialism.

“The Great Reset” will be the main theme of the 2021 World Economic Forum (WEF) Summit. Introduced by Britain’s Prince Charles, it suggests the world’s economic recovery must be driven by the private sector, be sustainable, and ensure more fair and ecologically friendly investments and markets. Klaus Schwab, chairman & founder of the WEC, suggests the economic system would not be changed, but be an improved “responsible capitalism.” It is sad that Klaus Schwab’s birthright and success are used to disparage him as a “global elite”.

Today’s capitalism is much different compared to that of the 19th century. Child labour reduction, regulated working conditions and environmental responsibility are just a few of the social advances in industry, but this is not socialism. Cheques, telephone booths, Blockbuster Video, Eaton’s & Sears stores & catalogues, etc have disappeared, but this loss cannot be attributed to socialism. Replaced with bank cards, cell phones, internet, Amazon, etc, again, none of these advances or changes can be attributed to, or are close to a socialism cause. These are resets based on free market economics.

I am glad you are concerned about unemployment, though with Canada’s unemployment rate being 6.5%, it is technically not “among the G7 highest” as you stated, but in the 3rd quartile (France at 9.5 & Italy at 11.1% are higher with Japan lowest at 2.9%). Canada’s changing job markets are compounded by downsizing, amalgamation and low world oil prices, all free market forces in play. Perhaps we could learn from Germany as their rate is second lowest of the G7, despite welcoming a huge amount of refugees.

Unemployment rates for Canada’s 15 to 24 year age group was down to 10.8% in 2019, the lowest in 20 years with a high of 14.9% in 2009. Gone are the days when someone without secondary education can get a high paying job in the oil & gas industry. If you are really concerned about unemployment, I urge you to lobby for, and support programs to help this significant age group who are our country’s future. Sustainable job creation requires a trained workforce to meet the needs of today’s industries. Making education and training more affordable and accessible would give Canadians the tools to create their own destinies.

Sincerely, Barb Goertzen

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