COVID 19 crisis - the precondition of great reset (კორონავირუსის კრიზისი - დიდი გადატვირთვის წინაპირობა)

The 21st century began with a crisis. First it was the 2008 Financial Crisis that led to the Great Recession. The aftermath of the crisis was not fully overcome and we have faced another crisis that erupted in the healthcare system. The COVID 19 pandemic brought the second wave (after the 2008 Financial Crisis) of global financial and economic shocks. Since 1944, we have had a global financial order shaped on the Bretton Woods Conference. The system showed solid performance till 2008, but the Financial Crisis empirically tested the existing deficiencies. In the US and other states, enormous monetary and fiscal interventions had to be done for saving the economies and the banking sectors especially. Sovereign debt had been a main source of funding for measures to maintain the economy. From a financial perspective, the same is being done now to cope with the COVID 19 pandemic shocks.
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COVID 19, sovereign debt, financial crisis, globalization, “slowbalization”, great reset
Economics and Business, №1, 2021, pp. 14-26