Full article: Responding to the COVID-19 Crisis: Public Policy and Corporate Governance Considerations

 

Abstract

Dick May and Chris Mackin think way out of the box. They offer here a radically different version of corporate governance for America to address multiple, profound concerns. They also propose a broad, expansive reconstructin corporation for the nation.

Introduction

Our societal response to the COVID19 crisis should be guided by basic moral principles and economic common sense. This essay will explore five essential steps or programs that suggest how we might navigate forward while we reckon with the root causes of this crisis, some of which can be found in nature and others in our flawed but reformable social and economic institutions.

The first principle which should largely be delegated to journalists, scientists, lawyers and the courts is justice. We must determine who is at fault for this crisis, and the extent to which it was preventable or could have been better mitigated. While stressing the priority of prevention against further, imminent crises that lay ahead, we must also reckon with responsibility for what has transpired. We must establish who has been damaged and how they can be best helped. We must prioritize how health can be restored and maintained, how families can be protected and how schools, police, fire and other public services can be safely restored. We must then turn to how we can provide rational assistance to economic institutions, to businesses and organizations, small and large, for-profit and nonprofit, public and private.

A second principle that must be applied to recovery from the COVID-19 crisis is fairness. We need solutions that protect the least resourced of our citizens, those most in need. Those middle- and upper-class members of American society most secure in knowledge and wealth will get by though their knowledge or through their wealth. Government should prioritize the most vulnerable of our citizens in need and work its way up over time toward providing assistance to working-and middle-class citizens.1

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