![]() ![]() This is especially true for many financial hubs and entrepots, such as Hong Kong or Singapore, that rose up on the tide of global trade and foreign direct investment growth. Globalized businesses, which once highly sought cost and scale efficiencies in cross-border operations, have suddenly become highly vulnerable in an unprecedented time of crisis and disruption. ![]() In time, other less-intrusive business rituals such as bowing may take the place of the handshake, and the phrase “We’ll shake on it” may become defunct and an archaic remnant of a world that we can never return to.ĬOVID-19 is the canary in the coal mine for globalization and a stark warning against the perils of having excessively lean and tight supply chains with few or no buffers. Amid many self-distancing and isolation measures that have been enacted to reduce the risk of infection, Anthony Fauci, the lead infectious-disease expert in the United States, has sternly cautioned that “we may never shake hands again”. This is perhaps exemplified no better than through the simple handshake, which has long been considered an integral custom in business and workplace culture. Almost every facet of business is being scrutinized and re-evaluated, causing us to rethink the current ways of working. It is especially poignant for businesses worldwide, which are undergoing a COVID-19-driven renaissance of sorts. Thanks to what is possibly the defining event of the decade ahead, our world is at a watershed moment. ![]()
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