We’ve feared Covid long enough, now it’s time to focus on the ‘roaring 20s’

It’s time to put the pandemic behind us, and start focusing on the positives that will come after it. Every crisis is followed not only by economic recovery, but economic growth.

The 18th century British noble Baron Rothschild said ‘when there’s blood in the streets, that’s when it’s time to buy’. The tragedy of the blood does not detract from the upside for those who invest and grow now. By the same token, policymakers shouldn’t just be talking to us about infection rates and vaccines, they should be encouraging the right investments and skills to profit from the post-pandemic boom.

Pandemic catastrophe is often followed by economic prosperity. In the book ‘Apollo’s Arrow’, sociologist Nikolas Christakis argues that the aftermath of a pandemic results in more social interactions, experimentation and risk-taking, all of which is conducive to social progression and economic growth.

And it’s not just pandemics. The 1918 Spanish flu came on the tail end of World War One, the aftermath of which was a renaissance in culture, from movies, jazz and dancing, as well as improved women’s rights (many entered the labour force during the war, and stayed there). For example, the amount of women working in the railways increased five times during World War 1 in America. Twentieth century feminism and gender rights were born out of a world war.

Similarly, from the ashes of World War Two the US rose from being a mid-level power to becoming the world’s leading superpower. The dollar overtook sterling, and became the world’s primary currency as a result of the Bretton Woods Conference in 1944. If it wasn’t for the war, the outcome may well have been different.

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Πηγή: capx.co