We have once again learned that the markets do not get much affected by horrifying and shocking events. This is not because the terrorism is taken lightly. As you may remember, cruel attacks and uprisings have taken place all over the world before the pandemic, however, during which humanity was almost formatted, and decentralization has gradually turned into selfishness. The “did not see anything, don’t know anything” concept has become more and more popular amongst the members of the society. People have no longer concern for problems occurring within their community unless they directly affect them or their property. It’s sad to see that people now can quite easily think about a weekend sporting activity or a restaurant reservation amid all this death and pain. I am highlighting this situation for case analysis purposes rather than criticism.
The big events which we used to eagerly wait for them to happen, including the FIFA World Cup, have become almost ordinary. As mediocrity prevails, people now attach more importance to the packaging rather than the content. We are living in a world where those who conduct quality work are crushed under costs, and those who offer undeservingly expensive goods or services with questionable quality to low-income groups are becoming richer and richer every day.
In the meantime, new criteria, not the priorities we are accustomed to, have begun to determine the prices of land, capital, labour, commodities, goods, or services. , People no longer care about producing or how high interest rates can be, as long as they have access to financing and continue to stockpile, causing prices to constantly rise further and further. When back-to-back wage increases, which employers would not agree to in normal times, overlapped with these problematic tendencies of stockpiling and accessing funds no matter what, the whole world entered a downturn that has not been seen for a few decades.
“What’s The World Coming To?”
It seems to me that the world was mostly affected by the fact that we have forgotten the values of liberal democracy. When not only the economies but also the population grew, a consensus was formed over the necessity of central administration, thinking that it would meet the citizens’ needs and demands much faster. However, this increasingly centralist point of view has unfortunately brought an autocratic style of governance, even to the most advanced democracies. Slowly, the basic principles of liberal economy fell into oblivion, and a new distorted order called “neoliberalism” began to dominate the world. Eventually, even those who advocate centralism have understood that the neoliberal economic policies, which seem to be working in favour of political regimes gradually shifting to autocracy, were nothing but an illusion, but it was too late.
I don’t think countries will resort to liberal economy again. The style of governance that currently dominates the world can support neither liberal nor neoliberal economy. I think we will see more controlling and centralized approaches from the governments. For this reason, we should try to benefit, without hesitation, from instant opportunities that such an environment would offer, because these opportunities may never come again.