A global recession is deepening as one major economy after another falls prey to the coronavirus pandemic. China’s economy shrunk for the first time in decades—a downturn that not even the country’s notoriously rosy economic statisticians can hide. U.S. unemployment is approaching 20 percent, close to Depression-era levels. Travel restrictions have killed global tourism and plunged the oil industry into pandemonium. Auto production has virtually ceased, retail has moved online, and restaurants are closed almost everywhere.
In this coronavirus winter of our discontent, it’s hard to imagine that a glorious economic summer may be just a few months away. People are buying nothing but toilet paper, and pundits, as usual, are proclaiming the end of capitalism.
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