The Economist has produced an exciting argument for the G7, or some different group of generous, wealthy nations, to get stuck into vaccination of 70 % of the global population. I copy three paragraphs here and provide the details so readers can find the full article.
‘Imaging an investment that would earn a return of 17,900 % in four years. Better yet, the initial outlay would be easily affordable. Who on earth would pass up such an opportunity?
The answer, it seems, is the leadership of the Group of Seven (07), a club of rich democides which holds its annual summit this week. By failing to act fast enough to inoculate the world against covid-19, they are passing up the deal of the century. That is not just economically foolish. It is a moral failure and a diplomatic disaster also. …
‘To get roughly 70 % of the planet’s population inoculated by April [2022], the IMF calculates, would cost just $50bn. The cumulative economic benefit by 2025, in terms of increased global output would be $9tn. To say nothings of the many lives that would be saved The cost amounts to just 0.13 % of the G7’s GDP – a fifth of the amount its members have pledged to spend each year helping other countries. If a group formed to wrestle with big international threats cannot resolve to make such a no-brainer of an investment on humanity’s behalf, what can it do? …
‘After four years when America often seemed more interested in kicking sand in the world’s face than helping it to its feet, vaccines provide it with the ideal means to rehabilitee its image. The United States and its allies displayed great technologies mettle by developing highly effective vaccines and scaling up their production in record time. They therefore have something tangible and urgently needed to offer to the rest of the world. Mr Biden in unlikely to get a better chance to demonstrate the benefits of American leadership, and the power of democracy and free markets to boot. Making sure that the rest of the world is inoculated as quickly as possible would be a shot in the arm for America and its allies too.’
I sincerely hope that Australia’s PM and Treasurer adopts this bold idea and sends a message saying Australia will join the G7’s offer if it is made quickly. How sad for the free democracies if they are upstaged by the leading Communist nations.
See The Economist’s fine article’ ‘Inoculation, inoculation, inoculation, June 12, 2021.