Dos and Donts from the post Spanish flu are presented in the article.
Where the savings of the past lockdown months will be spent or invested?
A century ago, the world finally put the 1918-20 influenza behind it. One of history's deadliest epidemics, following one of its deadliest armed conflicts, gave way to a decade that would be named for its economic abandon and social revolution — a decade of consumerism and frothy financial markets, of new music, art and fashion, of individual self-gratification and an embrace of freedom.
As the year turns, can we expect our century, too, to produce a Roaring Twenties? And, keeping in mind that the last iteration came crashing down with the Depression, is there anything we can do to ensure we enjoy the party without suffering the hangover?
The breakthrough development of several effective vaccines dangles the promise that we can indeed bring the coronavirus pandemic to an end in 2021. If that happens — and it is a big if, depending as it does not just on vaccine science but on governments' rapid rollout of large-scale vaccination programmes — then it is not far-fetched to think that the economic equivalent of a hundred-year wave could be followed by a once-in-a-century boom.
Governments deployed unprecedented policy measures to support people and businesses during the COVID-19 pandemic. The effects of many of these measures are likely to be felt long after the pandemic has receded.
The impact of COVID-related measures is likely to accelerate already established trends, such as de-globalisation, automation and sustainability and reverse decade-long trends, such as international mobility and urbanisation.
Health fears over close human contact and global travel, combined with concerns about the secure supply of essential goods and services, are likely to change the way people, businesses and economies behave.
See Barclays report here
In 2008 the UK Climate Change Committee, which I then chaired, estimated that reducing Britain’s greenhouse gas emissions by 80 per cent below 1990 levels by 2050 would cost 1-2 per cent of gross domestic product in that year. In its latest report, it reckons a 100 per cent cut will cost just 0.5 per cent of 2050’s GDP. Global cost estimates have also collapsed. In 2006, the Stern Review of the Economics of Climate Change foresaw a cost of 1 per cent of global GDP to reduce global fossil fuel-related emissions from 25 gigatonnes to 18 Gt by 2050, with zero emissions only achieved after 2075. A recent report from the Energy Transitions Commission suggests a cost below 1 per cent to achieve net-zero emissions globally by mid-century. This is a trivial sum to save the world from catastrophic climate change.
According to its founding principles, the Single Market functions if there are same opportunities, fair competition, inequalities tackled proactively.
Adenauer' s ‘Soziale Marktwirtschaft', De Gasperi's ‘economia mista di mercato': an economy has to be free and fair to be efficient – and vice versa. That we should all play by the same rules and we should all be given a fair shot. A social market economy allows everyone to converge upwards. The social market economy is part of who we are as Europeans. It is our unique European model to move out of this crisis, together."