Disruptive Effects of These Twin 21st-Century Catastrophes on Global Economies

Abstract

The first decade of the 21st century will be remembered for its two great catastrophes: The Great Recession, triggered by the global financial crisis of 2008-09, and the Great Climate Crisis, triggered by humanity’s accelerated release of greenhouse gases into the atmosphere. Both have led to widespread economic disruption, falling incomes and reduced employment opportunities. These twin crises have been widely viewed as a one-off setback on humanity’s road to prosperity. But that is not the end of the story. There are good reasons to believe that these twin crises are harbingers of things to come.

Keywords: COVID-19, Ukraine war, twin catastrophy, inflation, global economic shock