Pandemic crisis may trigger societal restructuring

PENANG and SINGAPORE: The Chinese word for crisis consists of two characters — “weiji.” Wei means danger and ji means opportunity. Every crisis is pregnant with danger and risks, but also with opportunities — for some to make money, for others to learn valuable lessons, and for society to reorient or restructure its priorities, institutions and even the system.

Major crises are moments when classes in society contest for power to restructure the economy, politics and society. The failure of United States President Herbert Hoover to deal with the devastations of the Great Depression led to the election of President Franklin Roosevelt, who introduced major structural reforms in the economic, financial and political spheres.