
How coronavirus almost brought down the global financial system
In the third week of March 2020, while most of our minds were fixed on surging coronavirus death rates and the apocalyptic scenes in hospital
In the third week of March 2020, while most of our minds were fixed on surging coronavirus death rates and the apocalyptic scenes in hospital
It is a cruel twist of fate that the Covid-19 crisis has exposed the basic faultline in the eurozone between north and south. The resulting
As the coronavirus lockdown began, the first impulse was to search for historical analogies—1914, 1929, 1941? As the weeks have ground on, what has come
“Whatever it takes” is the mantra of the moment. Hammered out to an audience of Eurosceptic hedge fund managers at the height of the 2012
In March 2020 as Europe and the US were overwhelmed by the prospect of the COVID-19 pandemic, investors panicked. Had it not been for spectacular
This is the first great crisis of the post-American world,” former Swedish Foreign Minister Carl Bildt tweeted on Wednesday. “The UN Security Council is nowhere
History right now shifts with dizzying speed. Anatol Lieven’s new book is about climate change and the nation state. Lieven wants us to think about
What is liberalism? It means and has meant many different things. We speak of Market liberalism, social liberalism and cultural liberalism. Anti-clerical atheists have been
We used to think that the 2007-2008 financial crisis set the standard for a savage global shock. But that crisis took more than 12 months
In trying to gauge the coronavirus crisis, we are all struggling for historical reference points. Which is the historical example to choose? The turmoil in
During the 2008 financial crisis, many observers predicted the imminent collapse of the European currency project. They were wrong. The euro held together. Yet what
The corona shutdown of 2020 is perhaps the most remarkable interruption to ordinary life in modern history. It has been spoken about as a war.
As politicians and parliaments struggle with the economic catastrophe brought on by the coronavirus pandemic, central banks have reached for the playbook of the 2008
As the coronavirus crisis has intensified, the turmoil in financial markets has awakened memories of 2008. At the weekend, along with announcing an interest rate
In May 2018, President Donald Trump restructured and downsized the pandemic preparedness unit. Of course, it seems ill-judged in retrospect. But he was not the
I’ve seen things you people wouldn’t believe […] All those moments will be lost in time, like tears in rain. It is not often one
The Code of Capital: How the Law Creates Wealth and Inequalityby Katharina PistorPrinceton University Press, 297 pp., $29.95 “There is an estate in the realm
“Our house is on fire,” Greta Thunberg told delegates at the World Economic Forum last January. In the months that followed, “Greta” became the uncompromising
There are turning points in history. Moments that matter. Moments that mark beginnings and ends. As Martin Luther King reminded us “There is such a
As the global business and political elite gather at Davos this year, the question remains open: Is the trade war on? Or is it off
The climate emergency is stirring radical politics across the world. Most notably, the left wings of both the Democratic Party in the United States and
In the UK there is now considerable euphoria around decarbonisation. This is, to say the least, a surprise. In the 19th century Britain led the
Emil Nolde: The Artist during the Third Reichedited by Bernhard Fulda, Aya Soika and Christian Ring.Prestel, 320 pp., £45, May 2019, 978 3 7913 5894
The autumn of 2019 is a moment of anniversaries. The 30th anniversary of German unification has garnered much attention. Rather less remarked upon has been
When Kristalina Georgieva had to choose a panel for her debut as managing director of the International Monetary Fund at the organization’s fall meeting, the
In Germany Friday September 20th 2019 was billed as the moment at which Angela Merkel’s Grosse Koalition would reclaim leadership in climate politics. There was
For the government of the Bahamas, the devastating hurricane that struck the Abaco Islands is a national emergency. Around the world it has unleashed a
In the last few weeks, the world economy has seen worrying turmoil. Whether or not a recession is imminent, there has certainly been a collapse
In Europe, two major political crises are unfolding that are the mirror image of each other. At the northern end of the continent, on Wednesday
On 20 January 1981, in his inaugural address as 40th president of the United States, Ronald Reagan declared: “Government is not the solution to our
There was a period not so long ago when it looked as though the world’s central banks were on course to normalize. We were nearing
In the grand European political reshuffle of 2019, it turned out that Christine Lagarde was the answer to the conundrum of who should replace Mario
In October 2012, the global financial system got its first taste of the effects of climate change when Hurricane Sandy roared through lower Manhattan, shutting
This year is both the 70th anniversary of the formation of the Federal Republic of Germany and the 30th anniversary of the fall of the
The haggling over the European Union’s top jobs has been a remarkable drama. The effort by German Chancellor Angela Merkel to broker a deal for
The European Union likes to pose as a leader on environmental politics, but when it comes to climate policy Europe has a skeleton in its
© 2025 Adam Tooze. All Rights Reserved. Privacy policy. Design by Kate Marsh.