Evolutionary Transformation of the Global System and the COVID-19 Pandemic: The Search for a New Development Trajectory

Abstract

In this study, we aim to determine how the global turmoil of COVID-19 acts as a catalyst for global transformations. After examining recent sociological and economic implications of this pandemic crisis, we analyse specific theoretical frameworks that can be helpful to illuminate some of the features of the current global evolutionary readjustment from an elliptic point of view. These theoretical approaches are the techno-economic paradigm shift, the notion of ‘endless transition’, the fourth industrial revolution analytical framework, and the approach of ‘new globalisation’. Finally, we identify that the current pandemic crisis has caused a ‘stroke’ to the world economy that accelerates developments and radically intensifies the pre-existing challenges. Especially for the less developed, stable, and resilient socio-economic systems and organisations (the case study of Cyprus is examined, respectively), we conclude that their survival and growth depends primarily upon their potential for adaptiveness, innovation, and on building efficient change management aptitudes and mechanisms.

Keywords: evolutionary global transformation, COVID-19 pandemic, economic development, techno-economic paradigm shift, endless transition, fourth industrial revolution, new globalisation, Cypriot socio-economic system, adaptiveness, change management