{"id":5499,"date":"2020-06-16T14:31:07","date_gmt":"2020-06-16T14:31:07","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5499"},"modified":"2020-06-26T19:25:47","modified_gmt":"2020-06-26T19:25:47","slug":"pandemics-shake-up-economies","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/16\/pandemics-shake-up-economies\/","title":{"rendered":"Pandemics can reshape economies"},"content":{"rendered":"

We can all see the short-term impacts of the coronavirus pandemic: fear, lockdowns, falls in output, restrictions on travel, frictions in supply chains<\/a>, growing social tension and unprecedented government intervention.<\/p>\n

But will there be changes over the longer term? If previous pandemics are anything to go by, there could be some dramatic shifts in economic relations, working practices and politics ahead of us.<\/p>\n

In the latest New Money Review<\/em> podcast<\/a>, Eleanor Russell, a PhD candidate in history at the University of Cambridge, talks about one of her specialist areas of research\u2014the 14th<\/sup> century Black Death pandemic\u2014and what it can teach us about the coronavirus.<\/p>\n

\"\"<\/p>\n

Eleanor Russell<\/em><\/p>\n

Eleanor recently co-authored a prize-winning article on the topic in the Conversation<\/a><\/em>, a website bringing news and views from the academic community to the general public.<\/p>\n

In the podcast, Eleanor explains how the Black Death, which wiped out between a third and a half of Europe\u2019s population, had a profound impact on wages, on the relations between employers and employees, and on the future structure of businesses and corporations.<\/p>\n

It also led to significant social and political tensions, some of which took decades to play out. There\u2019s a direct link, for example, between the Black Death, the subsequent attempts by the English government to control wages and restrict labour mobility, and England\u2019s violent Peasants\u2019 Revolt of 1381.<\/p>\n

There are undoubtedly big differences between then and now. The coronavirus has spread at a much faster rate than a medieval pandemic. Modern media have undoubtedly amplified its short-term impact. The disease itself has proved much less lethal than the Black Death.<\/p>\n

But some of the 14th<\/sup> century themes Eleanor describes in the podcast\u2014the rise of mega corporations, centralisation, government intervention, new forms of taxation, increasing tensions between the general public and big business, a groundswell of support for local solutions\u2014sound eerily familiar to a modern ear.<\/p>\n

To listen to the podcast, click here<\/a><\/em><\/p>\n

Sign up here<\/a> for our monthly newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

We can all see the short-term impacts of the coronavirus pandemic: fear, lockdowns, falls in output, restrictions on travel, frictions in supply chains, growing social tension and unprecedented government intervention. 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