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Economy & Finance

Shutdown

Economy & Finance

Shutdown

Adam Tooze

After nearly four years of political upheaval, the UK exited the EU on January 31, 2020, with Boris Johnson envisioning a prosperous future, provided the nation avoided "pandemic panic." Simultaneously, Donald Trump celebrated his Senate acquittal by rallying supporters, while the EU focused on COVID-19's potential impact in Africa, underestimating its threat closer to home. As February unfolded, Western nations failed to address the pandemic's "gray rhino" risks, leading to a disjointed response. Oil prices collapsed in March, triggering a global recession as COVID-19 cases surged across 110 countries. The UK, EU, and US implemented inconsistent measures, with the US emerging as the epicenter of infections due to a lack of federal coordination. In contrast, China’s swift lockdowns and centralized strategy contained the virus and revitalized its economy, showcasing its resilience. Meanwhile, developing nations innovatively managed economic challenges with limited support from wealthier countries. By mid-2020, the pandemic exposed systemic inequalities, particularly in the US, where marginalized communities bore the brunt of the crisis. George Floyd’s death in May ignited a global racial justice movement, further polarizing the nation as Trump stoked division. Despite these challenges, Operation Warp Speed accelerated vaccine development, marking a historic achievement. However, vaccine distribution remained inequitable, and new variants threatened progress. As 2020 ended, global financial interventions stabilized economies, while political upheaval in the US culminated in the Capitol riots. By January 2021, Joe Biden’s presidency and renewed fiscal strategies signaled a shift toward recovery, even as the pandemic persisted.

16 min

8 Bite

Aperçu

De quoi s'agit-il ?

This book delves into the transformative events of 2020, exploring how the COVID-19 pandemic exposed vulnerabilities in global systems while reshaping political, economic, and social landscapes. From the contrasting responses of Western nations and China to the pandemic’s dual crises—health and economic—to the racial justice movement sparked by George Floyd’s death, it examines the interplay of leadership, inequality, and resilience. With a focus on the pandemic’s ongoing impact and the broader implications of global unpreparedness, the narrative offers a compelling look at a year that redefined the modern world.

Résumé du livre

British historian Adam Tooze is a professor and the director of the European Institute at Columbia University, New York. His previous books include the Wolfson History Prize-winning The Wages of Destruction (2006), a study of Nazi Germany’s economic policies, and The Great Deluge (2014), an analysis of the Great War and the creation of a new international order.

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Toutes les bouchées

8 Bites

Pandemic Unveiled: The Cost of Neglect

China’s Bold Response to a Global Threat

Global Crises, Divergent Responses: A Pandemic Reckoning

Global Economy Reshaped by Pandemic’s Shockwaves

Europe's Economic Struggles vs. China's Resurgence

Global Struggles and Resilience Amid Crisis

Pandemic, Protest, and Political Upheaval

Vaccines, Upheaval, and Economic Resilience

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