In 80 years’ time, some of those living through the current Covid-19 pandemic will be in a position to reflect on the history of the 21st century: how will they view it? We’re in a position now to assess the momentous events of the 20th century, described by some as comparable with the current crisis – the First World War; the Second World War; the Great Depression – with the benefit of hindsight. We’re safe in the knowledge that from each of those catastrophes came remarkable responses, from which generation after generation has since benefitted.

From the Great Depression came US President Franklin D. Roosevelt’s response to the needs for relief, reform and recovery – the New Deal. The conflict and destruction of two World Wars led to the League of Nations and the United Nations. The same drive for peace, security and prosperity led to the gradual evolution of cooperation and integration underpinning the European Union.

In Britain, the post-war consensus recognised ‘giants on the road to reconstruction’ including, pertinently in the Covid-19 context, ‘disease and want.’ This led to the National Health Service – a shining light during a pandemic that’s hit the UK so hard – and a mixed economy premised on respect for workers, regulation of the private sector and protection of the public interest. These successes have been severely diminished since, of course, not least by austerity following the financial crisis, which was facilitated by dismantling regulatory aspects of the consensus.

Much has changed since the formative events of the 20th century. Globalisation and technology have made the world smaller and disparities in wealth greater. We face a climate emergency. The pandemic has concentrated minds and many countries around the world are loosening lockdown measures, coming to terms with decimated economies and reflecting on future priorities.

Such challenges call for great leadership from those with the vision to build back better. Great leaders – whether in government, corporations or multilateral institutions – learn the lessons of the past to help navigate crises and are able to unite people in order to deliver a better future. The coverage in upcoming editions of Global Insight will major on these themes, and, in the coming weeks and months, our correspondents will be seeking the input of visionary thought leaders covering finance and economics, environment, technology and, of course, the legal profession.