depression

Listen: Most of us are familiar with recession, and experienced the major economic impact of one from 2008-2010. It turns out, 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 threaten the existence of businesses here and around the world, it's time to ask the question: Is another depression a possibility, and what would that look like today? On the latest episode of GZERO World, Ian Bremmer poses this question to leading 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.