“To do this properly, we need to understand the structure of markets for knowledge-based products like new vaccines. Currently, we do not: the “market” is a mishmash of competition and side deals. According to a recent paper from the Institute for New Economic Thinking, governments and pharmaceutical companies last year concluded 44 bilateral COVID-19 vaccine deals, many of which have undisclosed details and poorly understood escape clauses. Poor countries were, by and large, left out.” — Kaushik Basu, Project Syndicate
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