The global economy has been in a structural crisis since 2008. Growth has downshifted, private and public debt have reached record levels, productivity gains are modest, and inequality has widened.[1][2][3] Trade and capital flows have slowed, while climate shocks and geopolitical tensions have multiplied. Policy responses have relied heavily on low interest rates and ad hoc fiscal stimulus, yet the underlying regime of finance-led, unequal growth remains largely intact. (more…)

Over the last few weeks, the global economy has been going through an extremely hard time, with all the major stock market indices falling by 30–50%, predominantly on the news and actions related to coronavirus. At the same time, many people lost their jobs due to a huge contraction across multiple industries (including hospitality and travel), while many others had to get used to a work-from-home arrangement due to nation-wide quarantines. In this short essay, I will therefore try to explain: ...