The 1918 Spanish flu immediately following World War-I, the Second World War, breakdown of the Soviet Union and end of the Cold War, 9-11 terror attacks, and collapse of the Lehman Brothers and the 2008 Financial Crisis, all of these events were world altering events. They changed the course of human societies and political, economic, and societal organizations in some fundamental ways. The 2008 collapse of the financial markets saw the tightening of the loan requirements and consumer credit markets, 9-11 terror attacks saw the implementation of rigorous airport security checks and immigration control at every airport across the world, the collapse of the Soviet Union gave birth to several new countries and the world witnessed a burst in global cooperation, globalization, and a rapid increase in international trade. The end of Second World War gave birth to the post-War liberal international order led by the victorious allies and an aggressive, territorial, brooding, militaristic, and insecure Soviet Union that sought to create an alternate communist-dictatorial political model, and partially succeed in its endeavors. The remnants of the Soviet model still thrive in the Soviet successor state of Russia, and in the Communist Party led capitalist China, North Korea, and parts of Southeast Asia and Africa.
COVID-19: End of Hyper-globalization and Start of Hyper-Localization?
- Srini Sitaraman,
- 21 - 2020