Más difícil todavía

The international economy is chaining one economic crisis with the next. When we had not yet come out of the traumatic shock of the Covid-19 pandemic, the crisis unleashed by the war in Ukraine has further hampered the recovery. Instability is increasingly recurring, and economic transformations occur at a dizzying pace. We have thus reached a time of permanent uncertainty and continuous risk, with a world economy characterized by imbalance and vertigo. The highest price increases in the last fifty years have once again brought national economies to the brink of the abyss. Torres reviews the erroneous diagnoses that the actors who make the big economic decisions have been making, from considering that they were only "momentary price increases" to believing that they can only be combated by raising interest rates. And it reveals the real causes of current inflation, as well as the underlying problems behind it, the excessive role of finance and speculation, the failures of globalization, the lack of competition in the markets, inequality, the runaway growth of public and private debt or climate change. In his new essay, economist Juan Torres warns that the next economic crisis will be different and even more difficult. A geopolitical and strategic context with enormous potential dangers will make it more difficult to face it, and the accumulation of structural fractures in the complex system that is the international economy poses a systemic risk that threatens collapse.