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The Future After COVID-19
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The Future After COVID-19
  • Lee Chae-eun
  • 승인 2020.07.13 22:03
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The Future After COVID-19, 출처=edu.donga.com
The Future After COVID-19, 출처=edu.donga.com

 

It is a comment of Kwon Joon-wook, a deputy chief of the Central Disease Control headquarters, in a regular briefing on the afternoon of April 11. After the spread of COVID-19, lifestyles of people are changing and especially, three things get an unprecedented shock: Business, Economy, Social. Jason Schenker, a financial predictor and futurologist, deals with how the economy, social, enterprise of the world will change because of COVID-19 and how people cope with these changes in his book The Future After COVID-19.

  The author of the book Jason Schenker is the top-ranked futurologist selected by Bloomberg, which is an American economy media outlet. His analyses got into papers such as Wall Street Journal, The New York Times and he served for as consultant about various subjects such as the future of work, blockchain technology, and bitcoin in the US government. His book The Future After COVID-19 also became number one in the bestseller list on Amazon, an American online merchant.

  Jason Schenker mainly covers the economy of the world in his book. When COVID-19 became the pandemic, the low point of KOSPI(Korea Composite Stock price Index) went down under 1,500 points on March 19. In addition, global indexes include European stock market plunges and the American Dow also was down 20,000 points. Fortunately, these have been gradually recovering since then, but many people cannot be assured that these will recover stability or when the secondary storm will hit. 

KOSPI index in 2020, 출처= Photo by Yonhap news
KOSPI index in 2020, 출처= Photo by Yonhap news

  James Schenker compares COVID-19 situation with subprime automobile financing in the book. He claims COVID-19 can be a trigger of the perfect storm as in the way the desire to expand credit in the market led to the bubble of automobile and business finances in the financial crisis of 2008. The book claims the reason that the asset bubble in America is about to explode. He warns that the scale of the current bubble is the largest in human history.

  Likewise, the World Bank also estimated that the present situation is “the worst depression after the Second World War” and is an “economic recession that is three times steeper than the global financial debacle.” It emphasized the past economic crisis appeared because of a combination of factors such as financial, war, oil prices, but this crisis is the first crisis caused by a single factor, the spread of COVID-19. This means the economic impact by COVID-19 is best in human history as Jason Schenker said.

  Another thing that Jason Schenker covers centrally in the book is the spread of homeworking. Homeworking is considered an innovative idea and when the large scale disaster that really has not crossed people’s mind was generated, it rose suddenly as the most efficient and rational alternative. It is because by homeworking, the enterprise can reduce a lot of expenses and employees also can maximize the effect of work. Jason Schenker said, “There is still the company and the type of business that wants face-to-face working. But because of this unavoidable disaster, the awareness about homeworking will change.” 

Current state of Homeworking because of COVID-19, 출처=Photo by Naver news
Current state of Homeworking because of COVID-19, 출처=Photo by Naver news

  He added e-commerce will develop and in the end, self-ownership will collapse because of the increase of homeworking. He said this leads the increase in unemployment and it leads to increased debt loads in the property loan market. Also, the price of real estate in vacation destinations will fall because the increase of the unemployed person leads the decline of travel demand. Fortunately, he said the number of workers in medical fields will increase rapidly. It is because many people still want to get service about human health, although robots and Ai instead of people account for a lot of jobs.

  Like homeworking, COVID-19 has a great effect on education as well. In Korea, the online beginning of school appeared and it is even June but students cannot normally go to school yet. Jason Schenker said, “Online classes will increase and it leads extended home-schooling form of education. Because of it, the learning experience of students will improve.”

  The evaluation of The Future After COVID-19 is not bad. One netizen in the Naver book site said this book reads well and there are many tables of contents but the contents of each part are not very long. Another netizen said the book has a lot of breadth though a relatively short read. A CUK student Choi (Food science & nutrition) said, “I thought this book would be hard to me because there are contents about economy. Fortunately, it was easy-reading book so many people can read this book without any burdens.”

  Readers of the book thought they should accept and overcome the changes because of COVID-19. One netizen in the Naver said, “I missed the past before COVID-19 and denied the present situation. But like the author’s comment, people who cannot adapt the change will fall behind, so I decided to adapt the current situation by using the information in book. Shim Eui-bo, a president of the education institute, also said people should get the chance in this crisis. He said, “COVID-19 showed Korea is never inferior in the world. Now for becoming the nation that creates the future of COVID-19, we have a lot of efforts in the education and our system.”

  The evaluation of The Future After COVID-19 is not bad. One netizen in the Naver book site said this book reads well and there are many tables of contents but the contents of each part are not very long. Another netizen said the book has a lot of breadth though a relatively short read. A CUK student Choi (Food science & nutrition) said, “I thought this book would be hard to me because there are contents about economy. Fortunately, it was easy-reading book so many people can read this book without any burdens.”

출처= www.kidd.co.kr
출처= www.kidd.co.kr

 

  However, some people express frustrations about the book. One netizen in Amazon said, “The actual contents of this book are shallow.” A CUK student Lee (Consumer & Housing, 19) also thinks there is a lack of detail in this book. She said, “I thought this book will help me find opportunities that I can explore from a business perspective. But this book contains information that I can find pretty much on every news outlet”

  In the spread of COVID-19, people are in the middle of the great variation. It will be hard to adapt and survive in the world if people release their spirit because of the dizzying rapid change. Jason Schenker said;

There is a maxim that a crisis is a chance. When people face a crisis, people who hold on to the order of the past and reject the change will fall behind. However, people who identify the new order and prepare in advance will get the chance.

 He hoped this book can help people as a compass so that people can make a plan in their situations caused by COVID-19.


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