Firms that value the people they depend on and think out of the box will be able to tide over this crisis better Even as the covid-19 pandemic continues to wreak havoc, there are growing fears that when it is finally done, the world will plunge into an economic contraction matched only by the Great Depression years of 1929 to 1941.
That Depression was set off by the stock market collapse of October 1929, and was worsened by some ill-thought legislation like the Smoot-Hawley Act of 1930, which sharply hiked US import tariffs on hundreds of products to protect local producers, leading to a 65% contraction in global trade and an increase in prices of agricultural products in the US.
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