Question

Is rapid change now outpacing the capability of governments to manage the global economy?

Answer 1

The correct answer to this open question is the following.

Yes, rapid change now outpacing the capability of governments to manage the global economy.

In modern-day societies, rapid changes are demanding almost immediate reactions on the part of governments. However, the reaction capacity of governments is too slow in comparison to the velocity of changes and the frequency of change. Practically, no government office or department is ready to face the changes in technology, modern society demands, trade issues, and economic transition like the one we are facing right now.

One simple example could be the pandemic. No single government saw it coming and most of them faced or are facing serious problems due to the lack of health systems that could attend the pandemic. Indeed, public health systems in most countries were passed by far, creating a complex public health issue.