What saved the global economy from another Great Depression?
In May 2020, economic historian Adam Tooze told GZERO World he feared 1 in 5 American workers could still be out of job now due to COVID. It didn't happen. Why? Tooze says he failed to anticipate how quickly we'd get highly effective vaccines, and the scale of the economic stimulus the government was willing to put up. During the 2008 financial crisis, he explains, "we were still beginning to flex our muscles with regards to economic policy, and the scale of fiscal and monetary stimulus that we've seen is as unprecedented as the shock of the spring of last year."
Watch Tooze's interview with Ian Bremmer on the latest episode of GZERO World, airing on US public television starting Friday 9/23/21. Check local listings.
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