The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II. We are seeing a severe decline in economic activity and employment, and already the job gains of the last decade have been erased. Governments around the world have responded quickly with measures to support workers who have lost income and businesses that have either closed or seen a sharp drop in activity. The response here in the United States has been particularly swift and forceful. While the coronavirus economic shock appears to be the largest on record, the fiscal response has also been the fastest and largest response for any post-war downturn. But the coronavirus crisis raises longer-term concerns as well. The record shows that deeper and longer recessions can leave behind lasting damage to the productive capacity of the economy. These businesses are a principal source of job creation, something we will need sorely as people seek to return to work.
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Since Southern Europe has become the epicentre of the second phase of the global economic crisis that began two years earlier as a consequence of the bursting of the mortgage and financial bubble in the United States. In critical commentaries, this crisis has been understood as a crisis of neoliberalism as a mode of economic-political regulation. In the second part, the paper looks at the effects of the global crisis in the Sardinia region, through the lens of the politics of resistance that has taken shape in this context.
The paper concludes by reflecting on the limits to a regionalised politics of resistance, calling for an imaginative politics of renaissance at a cross-Southern European scale. Although north-central Europe has suddenly developed an acute case of amnesia, a few years ago the financial press was praising Spain, Portugal and even Greece plus non-EU Turkey for their competence in trimming public spending and boosting growth rates.
The Mediterranean as a whole was perceived as relatively well protected from the financial tsunami crossing the Atlantic at supersonic speed Davis, , p. Before exploring this case-study, the paper will analyse the distinctive features of neoliberalism in Italy and in the Southern Italian context. Finally, in the conclusion the paper will reflect on the future of neoliberalism and Southern Europe. This scarcity is particularly evident in the case of Italy and even more in the South of Italy, the so-called Mezzogiorno, once a highly investigated example of uneven regional development in a semi-peripheral context.
And, if it is so, what kind of neoliberalism does this country exemplify? And what about the Mezzogiorno and the long-standing North-South divide?
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Italy reported the fastest contraction in output across the region, largely reflecting an earlier and more extensive lockdown, but manufacturers in all major economies showed a sharp deterioration. Manufacturers in the region are also facing significant difficulting in securing supply with the latest survey showing the average lead time deteriorated at the fastest pace in nearly 23 years of data collection.
Fraudsters will exploit the coronavirus to prey on anxiety and fear of savers and investors, especially those who may be vulnerable. People worried about their retirement savings are instead advised to follow a four-point plan: visit the Pensions Advisory Service website; book a Pension Wise guidance session; consult an FCA-authorised financial adviser; and protect against scams by visiting the ScamSmart website.
At the same time we can aspire to a vigorous recovery. The more rigorous and effective we are in combating the epidemic, the sooner we can get going again. A survey by the German Start-ups Association said that nine out of 10 start-ups in Germany had been negatively affected by the coronavirus crisis and more than 70 per cent of them feared for their existence. Companies working in HR and tourism have been particularly hard hit.
It has also promised unlimited cash to all companies facing liquidity problems, in the form of loans via KfW, the state development bank. Meanwhile, vehicles like KfW Capital and the European Investment Fund will from now on be able to use government funds to replace private investors who give up their stakes in start-ups as a result of the crisis. Spain reaches , confirmed cases. Daniel Dombey in Madrid Spain now has over , confirmed cases of coronavirus, while a record people have died in the last 24 hours, although the rate of transmission is well off its previous peak.