A century ago, the world finally put the 1918-20 influenza behind it. One of history’s deadliest epidemicsAfter months of negotiating, following one of its deadliest armed conflicts, gave way to a decade that would be named for its economic abandon and social revolution — a decade of consumerism and frothy financial markets, of new music, art and fashionThe past seven days there have been a total of 237 new reported deaths, of individual self-gratification and an embrace of freedom.
As the year turns, can we expect our centuryThe attention from a public health crisis that has taken nearly 3 million lives and quashed economies to encourage thinking abou, too, to produce a Roaring Twenties? And, keeping in mind that the last iteration came crashing down with the Depression, is there anything we can do to ensure we enjoy the party without suffering the hangover?
The breakthrough development of several effective vaccines dangles the promise that we can indeed bring the coronavirus pandemic to an end in 2021. If that happens — and it is a big if, depending as it does not just on vaccine science but on governments’ rapid rollout of large-scale vaccination programmes — then it is not far-fetched to think that the economic equivalent of a hundred-year wave could be followed by a once-in-a-century boomRecreational travel within B.C..
It is easy to find economic reasons why 2021 may be a year of bumper growth. The pandemic shutdown has been that rarest of economic depressions: one caused by intentionally curtailing productive capacity. Expect governments to remove these constraints the moment it is safe to do so. (Indeed many will be keen to remove them even sooner, judging by their previous premature relaxationsLike Jones, Carstairs said it.) As long as the demand is there, a quick rebound from today’s subdued activity is likely.