What we didn’t do enough is take the geopolitical landscape into this equation (or a potential pandemic, for that matter), which I hope changes after recent developments.
I blame the governments mostly for this, I completely understand the businesses needing to do what’s best for business.
How do you blame government for businesses running around with planning models that miss wars and pandemics, the two most common causes of ruin and disruption for the entire duration of human history?
Businesses/corps come and go ... the Nation of $nation only tends to do so on the next timescale up. When their actually looking out for systemic blindspots no one else is, and not pandering to the elite.
Personally I think the solution is for governments to have a contingency plan, and opposed to forcing any individual business to do anything, but if we did want businesses to change their behavior, it's definitely a government issue.
Unless somehow "buy my product , it's more expensive because our business hedges against war and pandemics" works in advertising (eco-friendly seems to get some traction, so maybe?)
Governments often assume (wrongly) that businesses have incentives to handle long-term risks, since they want to exist for a long time and remain profitable. The reality though is most are more focused on their share price and dividend than handling strategic risks.
do physicists assume frictionless surfaces and perfectly elastic collisions? yes when they're explaining the basics of Newton's Laws, but they also develop theories and models for friction, etc.
Same with economists, they study economies and do their best to come up with complete models. Are they perfect? no. Do they know more about economies than anybody else? yes.
What makes you think economics makes that assumption? The economics literature is full of papers investigating various kinds of market imperfections. (Mostly because all the papers involving perfect markets have already been written. It's publish or perish in academia after all.)
People have far too simplistic models of how things work, this is the consequence of a lack of understanding and shortsightedness
As an example: Bangladesh has been on a multi-decade long streak of excellent economic growth. Mostly thanks to the textile industry. Regular people are better off.
> In last decade, poverty dropped by around one third with significant improvement in human development index, literacy, life expectancy and per capita food consumption. With economy growing close to 6% per year, more than 15 million people have moved out of poverty since 1992.[64]
From https://en.wikipedia.org/wiki/Economy_of_Bangladesh#Modern_B...
Some argue that industrialization under these conditions is not good for the countries and people being exploited for their labor
At least it does not seem to involve any conventional use of the word business.
