Reinventing the economy, the last chance to transform France
By Nicolas Baverez
The essayist Nicolas Baverez sees the end of the globalized economy as a turning point in history, which should lead to the end of the West's monopoly on the world market. According to him, to get out of it, France must rediscover the spirit of 1945.
The Covid-19 epidemic is unprecedented in its suddenness, violence and universality. It affects 170 countries and has resulted in the confinement of more than half of the 7.7 billion people. The crisis unfolds in successive waves, affecting China, Europe, the United States and then emerging countries. Despite the mobilization of some $ 8 trillion in economic support measures by governments and central banks, world activity will decrease by 4% in 2020 when it was expected to increase by 3%. The shock will continue in 2021 with corporate defaults which will be reflected in banks' balance sheets. Unlike 2008, it is the shutdown of the real economy
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