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Globalization, Political Economy, Business and Society in Pandemic Times is a product of the 5th Emerging Markets Inspiration Conference (EMIC) at Stockholm University during May 14-15, 2020. The purpose of the book is to arrive at a holistic understanding of the impact of the COVID-19 pandemic on politics, economies, business, and society in a globalized world. The scientific community acted swiftly to study COVID-19 and its various possible societal correlations. This edited collection contributes to the growing literature on COVID-19 through a multidisciplinary approach by addressing both macro and micro issues from both local and global angles in both critical and self-critical tones.

A rationale for a compulsory pension system is that the government wants to correct supposedly myopic behavior by the individuals. Given such a system, we calculate the optimal relation between marginal contributions and benefits, i.e., the optimal degree of marginal actuarial fairness, for the individuals or for the government. We show that the optimal degree of marginal actuarial fairness increases in the rate of return in the social security system and also decreases in the government's rate of time preference. It is also shown that labor supple always increases when the link between marginal contributions and benefits is strengthened.