THE International Monetary Fund (IMF) recently announced that a global recession was imminent as a result of the Covid-19 pandemic. Many economists have predicted the effects of this pandemic to be similar to the Great Depression of the 1930s. In fact, some are convinced that the economic fallout from Covid-19 would be far more disastrous than the Great Depression.
For one thing, if we look back at the Great Depression, the main reason for it was the defective system of Classical Economics, which did not allow for government intervention while ignoring the effect of the financial system on the economy. In other words, the system dismissed the effect of money on the economy.
