Global Social Drama of Pandemic and Recession

Abstract Global drama of pandemic has caused the deep reduction of consumption of wealthy strata, unemployment and isolation. Huge number of people around the Globe is facing the step back to basic needs by Maslow pyramid: physiological needs and security. Adaptation of people to the new situation goes difficult, while somewhat easier for employed in intellectual activities, primarily for university professors. The exit from recession is still far ahead, and it will depend on the certification of territories, and issue of trust for citizens to start going from their regions. Morals, literatu ...

The Economy Under the Pandemic and Afterwards

Abstract The article deals with the peculiarities of the current global economic crisis and discusses whether the crisis can give an impetus to a new development model. The author emphasizes that as the crisis is caused by external shock (the pandemic), it is very different from other types of economic crises and can be followed by serious civilizational consequences. The pandemic is the price for globalization. During the crisis, governments face an unsolvable dilemma: saving lives or preserving the economy (that is, future lives), with a significant credit of trust of the population. In suc ...

Covid 19 Crisis and Its Effects On The Economy

Abstract Unlike the global financial crisis of 2007-2009, the current economic turmoil turns to be more severe and lasting being aggravated by the epidemiological uncertainties. This fact is mainly due to the specifics of the crisis in terms of its main transmission channels (via demand, supply, finance and expectations) and its likely consequences, including technological shift, varying the direction and volume of trade flows, adjustments of structural proportions and relative prices and most of all – socio-cultural change bringing about the increased role of the state and de-globalization de ...