There is no doubt that 2020 has become a unique event in almost everyone’s life due to the Coronavirus and the response of almost all governments everywhere in the world.
Few would disagree that we have been and are living through some unprecedented times in 2020. A global pandemic, government-imposed and mandated lockdowns and shutdowns of much of the world’s economic activities and social interactions, and total government debts that cumulatively are almost equal to the global economy’s Gross Domestic Product (GDP).
But while comparisons are being made between the impacts and effects of the coronavirus and the Great Depression of the 1930s and the war years of the 1940s, they are not really anywhere alike. To begin with, the Second World War cost the lives of an estimated 50 million people, combining military and civilian lives lost. Advancing and retreating armies and air bombardments undertaken by all sides in that conflict destroyed an immense amount of the world’s physical capital, especially in Europe and parts of Asia. Nothing during the last year comes even close to this from the coronavirus.
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