The financial meltdown of 2008 failed to provoke a fundamental shift in capitalism. Will this moment be different? * Coronavirus latest updates * See all our coronavirus coverage The term “crisis” derives from the Greek “krisis”, meaning decision or judgment. From this, we also get terms such as critic (someone who judges) and critical condition (a medical state that could go either way). A crisis can conclude well or badly, but the point is that its outcome is fundamentally uncertain. To experience a crisis is to inhabit a world that is temporarily up for grabs. The severity of our current crisis is indicated by the extreme uncertainty as to how or when it will end. The modellers at Imperial College – whose calculations have belatedly shifted the government’s comparatively relaxed approach to coronavirus – suggest that our only guaranteed exit route from enforced “social distancing” is a vaccine, which may not be widely available until the summer of next year. It is hard to imagine a set of policies that could successfully navigate such a lengthy hiatus, and it would be harder still to implement them. Continue reading...
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