Overview

In early 2020, the world faced something no modern economic model had prepared for: a synchronized shutdown of the global economy. Within weeks, planes were grounded, factories silent, schools shuttered, and millions of workers confined to their homes. Stock markets collapsed at a speed never before recorded. Supply chains buckled. Oil prices briefly slipped below zero. Fear - biological and financial - spread faster than any chart, forecast, or institution could contain. It was the moment the global economy simply... stopped. The COVID-19 pandemic triggered not only a public health emergency but one of the most dramatic financial events in history - a crisis that exposed the fragility of interconnected markets, reshaped labor systems, and forced governments into unprecedented intervention. The world witnessed the fastest stock market plunge ever measured, followed by the largest and most aggressive fiscal and monetary rescue effort ever deployed. Billions were injected into economies within days, interest rates fell to zero or below, and central banks expanded their balance sheets on a scale once considered unthinkable. Yet while stimulus saved markets from total collapse, it also set the stage for a new era: one defined by widening inequality, soaring asset prices, inflationary pressure, and deep social and economic divides. This book traces the story of that extraordinary moment - how a virus brought capitalism to a halt, how policymakers fought to keep it alive, and how the recovery that followed was as uneven as it was remarkable. It explores the meteoric rise of remote work and digital dependence, the triumphs and failures of crisis response, and the long-term consequences still unfolding in the labor market, global trade, and everyday life. As part of the Financial Crisis Series, The COVID Crash seeks to answer the same questions that guide every book in this collection: Why did this crisis happen? Who was most affected - and why? What lessons can we learn to prevent the next collapse? And how did human behavior - fear, hope, uncertainty, and resilience - shape the outcome? COVID-19 was more than a health crisis; it was a stress test for global systems built on efficiency, mobility, and endless connectivity. Some parts passed. Others failed spectacularly. But above all, this was a crisis that transformed the way we work, communicate, invest, and understand economic vulnerability. Its impact will echo for decades - economically, socially, and politically. I invite you to explore how the world's most advanced financial system reacted when faced with an invisible enemy... and how the response changed everything. Oluchi Ike Financial Crisis Series

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