Capitalism must adapt and evolve if we are to end this crisis

There are many organisations – academics, businesses, government agencies; from AstraZeneca to Oxford University – all working towards the same goal: finding a vaccine. It is critical that the same commitment and joint effort is invested in delivering the vaccine to people around the world. Until everyone is protected, no one is safe. 

As we prepare to overcome this battle, we should take inspiration from the collaboration that is driving the development and scaling up an effective vaccine.  Now is not the time for retreats into our own sector.  Now is not the time for isolation and destructive nationalism.

Multilateralism will be what gets us out of this pandemic, and it is also what is needed to tackle the remaining big challenges in the world.  Getting back on track for delivery of the Sustainable Development Goals and the Paris Agreement can only happen through effective partnerships and collaboration.

Unfortunately, many businesses, big and small, will not survive this crisis. But businesses that adopt a multi-stakeholder business model and a collaborative mindset are likely to gain an additional sense of purpose which will only make them stronger. Those that do survive, will do well to not just think about their recovery, but also our collective reinvention. 

It will take a multi-stakeholder approach to end this crisis and it will take a multi-stakeholder approach to prevent it from happening again.

Alan Jope is CEO of the British-Dutch multinational consumer goods company, Unilever