Ethics in the time of COVID-19

Abstract

With sharemarkets crashing and unemployment expected to surge, one thing stands out amid the carnage of COVID-19. Many small firms, family firms and retailers had to close their businesses overnight as they saw cash flow evaporate. Their exposure to instant financial distress has been unprecedented. The terrifying speed at which the backbone of our economy was impacted has taken many economists and policymakers by surprise. As a consequence, governments, regulators and banks have had to work together to ensure stability and maintain societal trust. While wage subsidies and interest deferrals have created a temporary reprieve, the question is, what happens next?