Report
Patrick Artus

Pandemics: There is always a need for a scapegoat

In all of human history, pandemics have always involved the naming of supposed culprits or scapegoats for the disease. The Jews were blamed for the plague in Europe (1347-1353); the elites for the cholera epidemic in France in 1832; the French in Italy and the Italians in France for the syphilis epidemic in the 15th century; in 1900, during the plague epidemic in the United States, it was the Chinese who were blamed; the immigrants in France during the Spanish flu of 1918-1919. The COVID-19 pandemic has led to the same behaviour; in the United States it has led to the development of hostility to China; in Europe to the denunciation of liberal capitalism and globalisation. Even if it is irrational, scapegoat ing leaves concrete traces. We can now expect retaliation against China in the United States (limitation of trade, of equity market listings, etc.); climate policies, prom otion of "inclusive capitalism" and reshoring in Europe.
Provider
Natixis
Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

 

Analysts
Patrick Artus

ResearchPool Subscriptions

Get the most out of your insights

Get in touch