Post-pandemic Transformations: How and Why COVID-19 Requires International Business to Rethink Its Praxis

The Covid-19-led pandemic has galvanised the existing economic, social and political crisis and accelerated its impacts on people and planet. The states, governments and markets have failed to respond to this global health crisis in a meaningful way. Lockdown was followed only as policy alternative to stop the spread of the unruly Covid-19 virus. International Business and its pedagogic praxis had to follow the principles of lockdown. The institutions, processes and principles of international business had come to a halt, leading to irreparable losses to lives, businesses and world economy. Therefore, it is important to rethink the way international business operates both in theory and practice. Post-pandemic international business needs structural transformations by keeping people and planet in mind. The chapter makes two arguments. It argues that radical transformations in international business are possible by bringing back inclusive social foundations of business. It also argues that international business needs to move away from its narrowly defined state, corporate and market centric conventional analytical outlooks to face and overcome risks in future.