Abstract
The chapter presents a new view of global changes. The new normal paradigm is based on economic premises but, essentially, constitutes a new scheme. It is a concept that necessarily requires transformations within the entire society. The focus, however, is on a new life and work pattern. Adaptation to changes will be realized quicker than expected. Numerous processes have already been prepared and implemented, such as international standards implementation in social, political, and business spheres, which is sometimes ignored or forgotten. At the same time, this chapter will show the chronology of the events that preceded the new normal paradigm, and which went in the direction of its final manifestation. It will confirm that these efforts in the developed world have existed for decades.
TopIntroduction
The New Normal Paradigm implies a new approach, substantive transformation from old business models to new sustainable business ideas, new development patterns, and a new concept of entrepreneurship. It's a transition process towards a new model of society and economy, which will rearrange existing classic structures.
The essence is in a holistic approach. This approach implies the existence of a potentially large number of connections that exist between different social, economic, and environmental values. Today, a holistic approach to development is represented, according to which the formation of a coherent development policy is the priority. It has become part of international relations. Almost every international meeting begins and ends with conclusions on some of the sustainable development issues. Topics such as the environment, renewable energy sources, poverty reduction, equality, and sustainable development, are central issues of collective debate at the highest international level (Ristanović, 2022b). The negotiations are based on a common global development concept, with the preservation of the environment, technology, innovative industry, digital transformation of education, healthcare, and labor market, integration of business processes, and adequate regulation.
The mission of the New Normal Paradigm is to achieve a macroeconomic environment based on inclusive growth, without GDP, but with an ecological component, technological solutions, and new social norms, among which there should be a balance between the market, the state, and the community, and everything would be built on the expected global common concept of development. Paradigm's biggest flaw is also its mission. It is almost impossible to give a general social picture that is identical for everyone. So, it needs to be changed to manifest the value of well-being for all countries, including the most vulnerable. Thus, they would minimize the failed effects without any consequences. Technically, it could be achieved. Innovative solutions can provide development production processes almost everywhere, certainly where there are objective and time prerequisites for it. But the simple question arises, to whom will equality correspond?
New concepts should respond to the existence of a new environment in which the world is positioned, new approaches that correspond to the business moment, and a new regulatory framework that will respond to everyday needs. It is important to note that these changes have existed since before, far before the emergence of the paradigm. It could be said that the changes started with the entry into the new millennium. In the literature, new approaches and concepts are mostly related to the outbreak of the COVID-19 pandemic and the period of restricted movement and business during the lockdown. However, this attitude is wrong. Why? For the reason that the social phenomena during the pandemic are actually just a manifestation of the changes that were announced earlier and which the developed world hinted at. For example, digitalization was announced much earlier as the basis of the transformation of society, and today it is a concept that will be incorporated into the new “operating system” of every country (WTO, 2020). The education system with digitization will receive a new format that must be more efficient, flexible, and socially useful. It is similar to healthcare. These are two parts of the public sector that were, until recently, the exclusive expense of the state budget. In the new concept, this will no longer be the case. Both sectors will contribute to economic growth and give a new framework to the social system.
Key Terms in this Chapter
Immersive Learning: Learning based on practice, in which the environment is improvised for the student through real-life scenarios, where he receives and processes information based on individual characteristics.
Metaverse: An advanced generation of the Internet with a hard-to-see difference between offline and online, and the space allows users to socialize, learn and play.
Operational Risks: Today, the dominant risk in the bank's operations arises as a result of increasingly ineffective internal processes, above all people, but also systems or external events.
Megaplatforms: Automated assembly lines that produce different models and classes of cars from the same family, networked with locally produced parts.
Friend-Shoring Business Model: Trade with countries that share the same common values. Friendship gives them access to global markets with less business risk.
Long-Tail Economy: Is a business strategy where manufacturers sell small quantities of hard-to-find products to many customers, instead of selling only large quantities of a reduced number of popular products, through a developed distribution chain (online sales, distributor network).
New Normal Paradigm: It basically implies business changes that simultaneously identify key changes in the wider socio-political environment.
Nearshoring Business Model: Represents a part of the business process that is transferred to a neighboring country or region, in the same or similar time zone, due to greater business efficiency and better communication (from Germany to Slovakia).