Advantage beyond the Crisis

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      <subfield code="a">The only certainty about the COVID-19 pandemic is that it will eventually end, and when it does, many of the changes it has brought will recede. Like wildlife returning to Chernobyl, prior conditions will reappear. Consumers will once more shop and socialize, supply and demand will rebalance, and markets will recover. History tells us, however, to also expect some lasting change in the wake of crisissuch as Glass-Steagall after the Great Depression, increased suburbanization after World War II, and heightened security following 9/11. Similarly, in the wake of turmoil, company performance and position can either shift temporarily, or permanently. This outcome depends on the interplay of customers, competitors, and regulators. It also depends, importantly, on the decisive actions companies and their leaders take in the middle of the crisis.</subfield>
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