The world is undergoing an unprecedented crisis due to the attack of the Novel Coronavirus resulting in a widespread pandemic of Covid 19. A major part of the world is already undergoing lockdown and other places are almost obvious to follow as well. Humanity can never survive like this in the long run, activities must come back.
As the creator has created this disease, so he must have created the cure as well, the medicine and vaccine, of course, will be discovered. The virus itself will become weak day by day and down the line within a certain month (if not weeks) and so we hope we will be able to get rid of this situation for sure.
But another obvious thing is the impact of the current incident which for sure going to put an enormous impact on future lifestyle and the industry as well. The industry will never be as it has been these days. At this point, all of us have a bit more time to think about the life. Getting out of anxiety and fear, we should reflect on how life has been and how the industry has been.
Viewpoint towards life is the fundamental of everything. A belief of maximizing life (profit) is a complete unachievable (never-ending desire) thing that creates dissatisfaction and destruction all around. Freedom is another unrealistic thing the world has been pursuing throughout the century. We all should reflect now the necessity of guidance, the necessity of responsibility. A guided world where all are bonded and built on their responsibility will be much different than the one of today.
Globalization and Fast Fashion only have made the life difficult and restless mounting the people and the businesses with pressure (not excitement always) and stress (of expected growth), created an unprecedentedly unsustainable economic world.
Eventually, climate and social life also got unsustainable. The restless competition of increasing production efficiency resulted in accumulation and disparity of wealth distribution.
and Fast Fashion only have made the life difficult and restless mounting the people and the businesses with pressure (not excitement always) and stress (of expected growth), created an unprecedentedly unsustainable economic world. Eventually, climate and social life also got unsustainable. The restless competition of increasing production efficiency resulted in accumulation and disparity of wealth distribution.
The current size of the global economy is nowhere near close to the real asset the earth has. It is already swelled many times and so today it cannot survive the shock of shut down of one month or so. The western economy which has been the beneficiary of globalization and fast fashion in an environment of neocolonialism today is under the highest risk of fall.
The empires/ bailout of trillion dollars may not useful when you don’t have real economic production in place. Unprecedented bailout programs declared by western governments most likely won’t be enough to protect the current economic order. The rest of the world has been following the same trend (of globalization and fast fashion) and has become the victim of it.
The Coronavirus is going to affect the export industry badly connected with globalization and fast fashion. Bangladesh is one of them. If western retailers get the bailout support from their governments (from printed fiat currency), definitely they are not going to give compensation to the manufacturers in Bangladesh. Many Bangladeshi companies will just die and the banking sector may plunge alongside them.
When the world will get the vaccine and medicine of the virus and disease, people will revive the economy and then the future world must not be the same anymore. The world should be built on a real economy that will provide progress and prosperity with stability.
An industry in which raw materials and markets are not under its control can never be defined as an industry. Such industry (like the apparel industry in Bangladesh) is always vulnerable to many global incidents. So, this is the high time to realize the necessity of real and independent industry building.
How a buyer can cancel the orders of goods that are ready for shipment already! In the last few days, many of the western brands have canceled and suspended many orders for which Bangladeshi manufacturers already have spent about a billion dollars or more. Where these factories will now go seeking resolution? How they will be compensated?
In the coming days, the country should look into its resources and strengths to build a much more self-reliant manufacturing industry. We must put a value on ourselves, on our resources on our materials. All these resources could be utilized for much more value for many more outcomes providing a better and secure life. We are looking forward to a great future onward.