Last spring, the first wave of the Covid-19 pandemic severely impacted the global economy. At the end of a second confinement, which worsened the existing problems, we republish this interview, dated March 20, 2020, with economist Gaël Giraud on the consequences and the lessons to be drawn from this unprecedented crisis.
Is this crisis comparable to previous economic shocks?
No, she is unique. Unlike the stock market crash of 1929 and the subprime crisis of 2008, it first and foremost affects the real economy. The productive apparatus is shut down, global value chains slow down or are interrupted, labor is involuntarily “on strike”. It is not only a Keynesian crisis of insufficient demand, it is also a crisis of supply. The pandemic marks the entry into a new era, crossed by risks linked to global warming and amplified by a financialized capitalism which makes us extremely vulnerable to the finitude of the world.
Confinement: what does the 1940 Exodus teach us about what we have just experienced
What vulnerabilities are you talking about?
Not everyone can work from home. However, we have collectively built a system in which certain foods, for example, go around the planet twice before reaching our plate. To maximize short-term profit, we have built just-in-time supply chains based on the “&
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