Skip to main content
The Morning Star Shop
The global economy was rocking on a precipice – the coronavirus pushed it over
A nasty virus, a slow response, ill-conceived economic policies, an irresponsible price war – all contribute to a fear-driven market collapse, argues ZOLTAN ZIGEDY

TO UNDERSTAND the global economic chaos endured over the last few weeks, it is essential to separate the proximate from the ultimate cause. 

The immediate or proximate cause is the, often fatal, expanding contagion of the coronavirus (Covid-19). 

The collapse of worldwide equity markets has been an immediate and widely noted effect of this proximate cause. 

The 95th Anniversary Appeal
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
Similar stories
President Donald Trump talks about transgender weightlifters as gives a commencement address at the University of Alabama, May 1, 2025
Trade / 3 May 2025
3 May 2025

Washington’s tariff policies become explicable in light of the US economy’s relative decline and the astonishing rise of China, argues MICHAEL BURKE

US President Donald Trump speaks at a reception celebrating
Features / 21 April 2025
21 April 2025

The US president’s universal tariffs mirror the disastrous Smoot-Hawley Act that triggered retaliatory measures, collapsed international trade, fuelled political extremism — and led to world war, warns Dr DYLAN MURPHY

Tensions: A Chinese flag flies over a ship delivering goods
Features / 16 April 2025
16 April 2025

Trump’s economic adviser has exposed the actual strategy: forcing other countries to provide financial support for US hegemony