The head-butting between European finance ministers, who were only able to agree on a confusing array of aid measures after hours of contentious video conferencing, has not made it seem as though we are at the dawn of a new era. But are we ready for the realization that our lives must change and that the way our economy functioned until how was beset by too many shortcomings? Are we prepared for the recognition that the insanity of mass consumption and resource exploitation cannot continue? Should that be the case, then the virus could emerge as a kind of salubrious shock leading to a new design for the 21st century.
But what do they actually mean? Do they really mean it seriously? Is it possible that death, the great equalizer, might somehow improve humanity? Is it possible that the virus may trigger a global moment of reflection characterized not just by fear and danger but also by new visions for the way forward in which we are able to distinguish the important from the inconsequential? Could this be the moment when we finally actually try to tackle the important tasks we are faced with? Many factories around the world that were producing at maximum capacity just a few weeks ago have shut down for good.Įveryone with power, money and reputation is currently saying that we are facing radical change, the beginning of a new world. Many – a huge number, in fact – of the stores and restaurants that are now closed will never open their doors again. It is certainly the correct course of action, but the structural fractures that are currently opening up will ultimately be unavoidable.
Wealthy countries are currently slinging around trillions of dollars to cushion the initial consequences of the disaster and help keep companies alive. And it is an analysis that applies to the entire world. "There has never been a crash landing like this before," Tooze wrote in the magazine Foreign Policy. economy could shrink by up to a quarter, similar to the crash in 1929 - with the difference that the plunge back then took place over the course of four years while the current implosion may by compressed into just a few months. SPIEGEL Media Menü SPIEGEL Media aufklappenĪdam Tooze, the economic historian at Columbia University, believes that if things continue on the current path, the U.S.
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