Worse than 29`?
Worse than 29`?
It is true that since the 2008 economic crisis, also known as the "Sub-prime", the world has enjoyed a constant flow of cash with little to no impediment, economies have grown stronger, people in the developed world have acquired an incredible amount of confidence regarding their future and new nations such as China have come to take over America`s place as the economic powerhouse of our little planet. But with coronavirus spreading and countries closing down their financial and economic sectors, the question arises if now is time for the event all economists have been preparing for, the big crisis of the 21st century. Will 21`be worse than 29`?
We all know that back in 1929 the world changed forever, the confidence in the ideas inherited from our liberal fathers regarding economic management shook to the ground, leaving classic capitalism in a weak state. As people rushed into the streets looking for jobs, they also rushed into the polling places looking for alternatives. Extremist views clashed through the air, leading to the most violent conflict the world has ever seen and then, when the massacre was over, to the complete polarization of the globe. If we understand history repeats itself and works in cycles, will the 2021 crisis be the turning point for a huge change in our mentality? Will modern capitalism once again be crippled? According to the specialists, the answer is yes, the 2021 crisis could be even worse than the Great Depression.
Although specialists have diplomas and degrees and I do not, a simple logic question can bring their arguments down. What do we have now that people back in 1929 didn't? The simple answer is the internet. The World Wide Web seems to be the new frontier, its creation could be compared to the discovery of the Americas back in 1492, why? Well, there is as much profit to be made on the internet as there was in the Americas at the time of its colonization. Companies such as Facebook, Google, Amazon, or Tencent Holdings are economically capable of sustaining a whole country and there are many new territories inside the internet that are yet to be explored and exploited. Humankind adapts and creates its own necessities and pleasures. Will the IT giants be the conquerors of the new world that save us from this crisis? Or will they use it to steal our information and take advantage of the situation?
It is true that since the 2008 economic crisis, also known as the "Sub-prime", the world has enjoyed a constant flow of cash with little to no impediment, economies have grown stronger, people in the developed world have acquired an incredible amount of confidence regarding their future and new nations such as China have come to take over America`s place as the economic powerhouse of our little planet. But with coronavirus spreading and countries closing down their financial and economic sectors, the question arises if now is time for the event all economists have been preparing for, the big crisis of the 21st century. Will 21`be worse than 29`?
We all know that back in 1929 the world changed forever, the confidence in the ideas inherited from our liberal fathers regarding economic management shook to the ground, leaving classic capitalism in a weak state. As people rushed into the streets looking for jobs, they also rushed into the polling places looking for alternatives. Extremist views clashed through the air, leading to the most violent conflict the world has ever seen and then, when the massacre was over, to the complete polarization of the globe. If we understand history repeats itself and works in cycles, will the 2021 crisis be the turning point for a huge change in our mentality? Will modern capitalism once again be crippled? According to the specialists, the answer is yes, the 2021 crisis could be even worse than the Great Depression.
Although specialists have diplomas and degrees and I do not, a simple logic question can bring their arguments down. What do we have now that people back in 1929 didn't? The simple answer is the internet. The World Wide Web seems to be the new frontier, its creation could be compared to the discovery of the Americas back in 1492, why? Well, there is as much profit to be made on the internet as there was in the Americas at the time of its colonization. Companies such as Facebook, Google, Amazon, or Tencent Holdings are economically capable of sustaining a whole country and there are many new territories inside the internet that are yet to be explored and exploited. Humankind adapts and creates its own necessities and pleasures. Will the IT giants be the conquerors of the new world that save us from this crisis? Or will they use it to steal our information and take advantage of the situation?
In my opinion it depends on many things, for example on the personal economical interests that the people with this kinds of powers may have or pherhabs on the new opportunities and circumstances that this situation may bring us in the future. What I think is that after everything that humanity has gone through, at this point we should already know better how to face situations like these. On the other side, we know that humans are beings of very bad memory who tend to repeat the same mistakes over and over again, but who knows maybe this time we have evolved and we are capable to put our selfishness behind and do what is better for everyone, I just hope this time be the case.
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