Corona and its economic effects

Spiegel Article

Management Summary
Corona Effects

  • Tourism collapse
  • Transportation minimization
  • Less social interactions
  • Less global trade
  • Higher unemployment
  • Reduction of stores
  • Reduction of productions
  • More independence between countries
  • Competition for face masks
  • Unilateral border closures
  • Hedge funds in London earned billions in profits from the corona-induced stock market crash
  • No united European action

Before Corona

  • No protection of resources
  • Social inequality
  • Comprehensive globalization
  • Right-wing movement
  • Climate collapse
  • Critics of capitalism
  • Cybercrime and surveillance capitalism
  • Futurists who warned of epidemics [i.e. Attali in 1998]
  • Eradication of exotic animal species

After Corona

  • Embedded liberalism [Reckwitz]?
  • Same as before?
  • More protective EU?
  • Minimization of the meeting circus?
  • Growth of internet companies in new areas?
  • Production relocations?
  • Focus on sustainability?
  • A close partnership between Europe and China to protect the environment?

In his Easter speech, German President Frank-Walter Steinmeier put it like this: “Perhaps we believed for too long that we were invincible, that we could continue to go faster, higher, farther. That was a mistake.”

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