Global Shocks: Pandemics Shape Markets & Life

On Tuesday, 27 January, UNIS Hanoi welcomed Dr Toan Huynh (a Professor at the School of Business and Management, Queen Mary University of London), who spent time working with Economics students after leading a parent session.

During the student session, Dr Huynh connected economic theory to real-world examples such as the Vietnam War and Brexit. He guided students through discussion and interactive activities, including the “Beauty Contest”: a simple game that shows how people’s ideas of value can shift based on what they think others will do. Through this activity, students explored how expectations, incentives, and strategic thinking influence decisions in markets.

In both sessions, Dr Huynh drew on his academic research to explain how global shocks affect economies in ways that are not always obvious. Using Vietnam as an example, he explained that while physical damage from war can often be rebuilt, health-related harm can last much longer and affect future generations. For example, research on Agent Orange shows links between exposure, lower levels of education, and weaker labour outcomes.

Dr Huynh also discussed sanctions, showing how firms respond in different ways. Smaller and mid-sized firms often face greater pressure, while bigger ones are better able to adapt. He concluded the session with Brexit, using it to show how disruption becomes most visible during implementation, when some firms reduced labour and invested more in technology, speeding up automation and changing skills needs.

Across all cases, a clear pattern emerged. Global shocks change incentives. Firms adapt, supply chains shift, and labour markets change, often leading to uneven outcomes that differ from policy intentions.

We extend our deepest gratitude to Dr Toan Huynh for an engaging, thought-provoking session, and to our community for bringing such thoughtful questions. This Expert-in-Residence visit was supported by the generosity of our community through Annual Giving.