The Great Pause Was an Economic Revolution

Article

The Great Pause Was an Economic Revolution


Governments stopped the world in its tracks during the pandemic — and our relationship to the economy will never be the same again.

Bruno Macaes
Foreign Policy, 2020
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The coronavirus pandemic has forced consumers and corporations alike to reconsider how the world economy works. Political scientist Bruno Macaes cogently argues that COVID-19 has revealed that the economy, long viewed as an autonomous entity impervious to external control, is more akin to a dynamic computer program, one that coders can continuously edit to achieve socioeconomic objectives. His thoughtful commentary offers a fresh perspective on post-pandemic economics.

Summary

The COVID-19 recession is unique in its origins and its consequences.

The 2020 economic downturn is unparalleled because it arose not from an inability to manage the economy but from a shared resolve to place vast swaths of activities on hold. Pandemics are not unusual, but the world’s response to COVID-19 is.

Authorities’ reaction to the Spanish influenza of the early 20th century was different; commerce then experienced little disruption. The global economy remained relatively unscathed, and the United States even showed some modest growth in 1919. By contrast, the coronavirus pandemic has&#...

About the Author

Bruno Maçães is a senior nonresident fellow at the Hudson Institute. He was the Portuguese Europe Minister from 2013 to 2015.

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