Crises Only Sometimes Lead to Change. Here’s Why ?

The coronavirus pandemic has upended Western economies, many of which are now facing their gravest crises since the Great Depression. In response, governments are taking unprecedented measures.

In the United States, the crisis has produced an expansion of big government programs unparalleled in peacetime: massive stimulus measures, a historic expansion of unemployment benefits, a temporary basic income for many citizens, billions of dollars in funding for public health measures, low or zero-interest loans to businesses, and more. In addition, the U.S. Federal Reserve is engaged in an experiment with modern monetary theory —previously considered “voodoo economics” by mainstream economists—promising to pump unlimited amounts of money into the economy.