“Shutdown” gives a truly global picture, covering the disruption in the financial markets as well as the ins and outs of government policy
Even the millions of workers who have been furloughed from their jobs will have struggled to find the time to keep up with all the ramifications. So Adam Tooze, a history professor at Columbia University, has taken on the ambitious task of producing an instant history of the pandemic’s economic fallout. As with his previous book, “Crashed”, about the financial crisis of 2008 and 2009, Mr Tooze displays a remarkable ability to master the detail. And his reach is extremely broad.
Central banks were quicker to grasp the implications of the disease. As Mr Tooze notes, they acted not just on an unprecedented scale but with great speed. “In 2008 there had still been a note of hesitancy about central-bank interventions. In 2020 that was gone,” he writes. Governments ended up backing this monetary stimulus with fiscal policy.
The financial markets were quick to appreciate this supportive policy environment. They began to rally in late March 2020—barely a month after economies started to lock down. This in turn perpetuated a quandary that has dogged the authorities since 1987, when they cut interest rates in response to a big stockmarket crash: every time they rescue the economy, they give a big boost to asset markets.
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