From economic crisis to World War III

The Great Depression of the late 1920s fuelled the Second World War PIC: HISTORY.COM
The Great Depression of the late 1920s fuelled the Second World War PIC: HISTORY.COM

The response to the 2008 economic crisis has relied far too much on monetary stimulus, in the form of quantitative easing and near-zero (or even negative) interest rates, and included far too little structural reform. This means that the next crisis could come soon - and pave the way for a large-scale military conflict. QIAN LIU* writes

BEIJING: The next economic crisis is closer than you think. But what you should really worry about is what comes after: in the current social, political, and technological landscape, a prolonged economic crisis, combined with rising income inequality, could well escalate into a major global military conflict.

The 2008-09 global financial crisis almost bankrupted governments and caused systemic collapse. Policymakers managed to pull the global economy back from the brink, using massive monetary stimulus, including quantitative easing and near-zero (or even negative) interest rates.

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