world economy

There is much to say about the so-called “post-pandemic” economic rebound. The figures look impressive, but warnings are manifold. New heights in inequality between rich and poor are pouring petrol on existing social tensions, and producing new ones. Spiraling food prices are provoking further social explosions. Capitalism’s disastrously slow, uneven and inefficient vaccine rollout leads to more contagious and vaccine-resistant brands of the virus. Inflationary pressures could force central banks to tighten monetary policy and plunge the economy back into recession. Moreover, there are the many challenges which already existed before the pandemic and have become bigger, more imminent, and more urgent: ecological tipping points, the new Cold War, the accumulation of debt, lack of investment in productive capacity etc.