Is a second great depression coming? Adam Tooze on international economic crisis

Is a 2nd Great Depression Coming? | Adam Tooze: Intl Economic Crisis | GZERO World with Ian Bremmer

Many of us experienced the major economic impact of the Great Recession from 2008-2010. The definition of a "depression" is harder to articulate, even for economists, because the US hasn't had one since the 1930s. But as unemployment rises and lockdowns to limit the spread of the coronavirus threaten the existence of businesses here in the US and around the world, we ask the question: Is another depression a possibility, and what would that look like today?

On this episode of GZERO World, Ian Bremmer poses this question to Columbia professor, economic historian, and author Adam Tooze. The two discuss the strength of the US and global economies before and during the COVID-19 pandemic, and realistic timeframes for when the financial outlook will improve.

More from GZERO Media

More than 60% of Walmart suppliers are small businesses.* Through a $350 billion investment in products made, grown, or assembled in the US, Walmart is helping these businesses expand, create jobs, and thrive. This effort is expected to support the creation of over 750,000 new American jobs by 2030, empowering companies like Athletic Brewing, Bon Appésweet, and Milo’s Tea to grow their teams, scale their production, and strengthen the communities they call home. Learn more about Walmart's commitment to US manufacturing. *See website for additional details.

Last month, Microsoft released its 2025 Responsible AI Transparency Report, demonstrating the company’s sustained commitment to earning trust at a pace that matches AI innovation. The report outlines new developments in how we build and deploy AI systems responsibly, how we support our customers, and how we learn, evolve, and grow. It highlights our strengthened incident response processes, enhanced risk assessments and mitigations, and proactive regulatory alignment. It also covers new tools and practices we offer our customers to support their AI risk governance efforts, as well as how we work with stakeholders around the world to work towards governance approaches that build trust. You can read the report here.

Ukraine President Volodymyr Zelenskyy meets with U.S President Trump in the Hague during the NATO Summit on Wednesday June 25, 2025.
(Ukraine Presidential Press Office/EYEPRESS)

In a major White House U-turn, US President Donald Trump declared that his government would resume sending key defensive weapons – including Patriot missiles – to Ukraine.

Demonstration of AI innovation at the AI for Good Summit in Geneva, Switzerland, on July 7, 2025.
Photo courtesy of ITU

Since ChatGPT burst onto the scene in late 2022, it’s been nearly impossible to attend a global conference — from Davos to Delhi — without encountering a slew of panels and keynote speeches on artificial intelligence. Will AI make our lives easier, or will it destroy humanity? Can it be a force for good? Can AI be regulated without stifling innovation? At the ripe old age of eight, the AI for Good Summit is now a veteran voice in this rapidly-evolving dialogue. It kicks off today in Geneva, Switzerland, for what promises to be its most ambitious edition yet.

- YouTube

Frederic Werner discusses the importance of AI for global impact at the 2025 AI for Good Summit in Geneva, in an exclusive Global Stage interview with GZERO's Tony Maciulis. They discuss the future of AI and its role in solving humanity's challenges, from harnessing quantum computing to closing the digital divide.

- YouTube

Elon Musk wants to start a new political party and it’s already making waves. In this episode of Ian Bremmer’s Quick Take, Ian unpacks Musk’s so-called “America Party,” driven by Musk’s frustration with both Republicans and Democrats.

UK Prime Minister Keir Starmer and Mayor of London Sadiq Khan leave the St Paul’s Cathedral, where a service of commemoration took place to mark the 20th anniversary of the deadly July 7, 2005, London bombings in which four suicide bombers targeted London's public transport system, in London, United Kingdom, on July 7, 2025.
REUTERS/Chris J. Ratcliffe