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crisis

The winter is coming: Crisis management should be prepared before a crisis strikes, not in the midst of it

Norman Loayza's picture

2018: It has been 100 years since the Spanish flu pandemic and 10 years since the global financial crisis. The Spanish flu killed more than 50 million people, more than the two World Wars combined. It was so lethal because it occurred when people were at their weakest, suffering from the Great War: malnourished, living in conditions of poor hygiene, on the move as combatants or refugees, and lacking proper medical facilities. A decade ago, the global financial crisis struck, triggering not only a prolonged recession in the United States and other advanced countries but also a deepening distrust of globalization as a force for progress. And this had consequences well beyond the realm of economics. Lacking unity of purpose and grappling with their own domestic troubles, the nations of the West were unable to deal with the Arab uprisings and could not articulate a response to the Syrian crisis. Brexit, the rise of nationalism in Europe, the neo-isolationist policies in the United States, and the recent wave of trade protectionism have deep roots, but their triggers can be traced, in one way or another, to the global financial crisis of 2008.