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Adam Tooze

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Deftly weaving finance, politics, business, and the global human experience, this account of 2020 captures a year that changed everything. The shocks of 2020 disrupted the world economy, international relations, and daily lives, with the entire global economy contracting by 20 percent in just weeks. For the first time in modern capitalism, 95 percent of the world's economies faced simultaneous suffering. Hundreds of millions lost their jobs, all while a pandemic loomed, bringing death and uncertainty. The author, acclaimed for his insights during the 2008 crash, applies his analytical skills to provide a panoramic overview of the current crisis. By focusing on finance and business, he reveals the world's unpreparedness for the pandemic and the deep ruptures in our way of living. The virus has attacked economies with the same ferocity as health, and no vaccine can address this. The author illustrates how social organization, political interests, and economic policy intertwine, leading to devastating human consequences, from local hospitals to global institutions. He examines the impact of currency fluctuations, the decimation of essential services, and the collision of the pandemic with domestic politics. Ultimately, he highlights that no country can escape the interconnected global web of travel, goods, services, and finance.