Global events are a byproduct of the globalisation process and largely encompass pandemics, climate change and natural disasters. They have the potential to impact all places – though to varying degrees.
For example, a global event that has been triggered by COVID-19 may affect all countries (albeit to different degrees) due to the interconnectedness of economies and societies. It may also affect a country’s ability to respond and recover due to limited resources.
In addition, global events may have a direct effect on financial markets. For example, a central bank decision to change interest rates directly impacts the cost of borrowing – a key driver of consumption and business investment. Similarly, supply chain disruptions have a direct impact on the flow of goods and commodities.
Big events disrupt people’s daily lives and their sense of possible futures, reshaping social networks, beliefs and habits. This often has negative health consequences such as increased risk of infection, mental illness or substance abuse.
Research into globalisation and global events suggests that these processes are not deterministic and have both positive and negative effects. For example, previous studies have found that the occurrence of a war or similar crisis does not always lead to large HIV epidemics in the affected country. Instead, it seems that a complex constellation of factors and pathways lead some events to lead to epidemics while others do not. This is known as the Big Events theory. It is also suggested that this theory could be applied to other global health challenges to help inform interventions that are more effective in averting crises from becoming global epidemics.