You literally cant explain to people that cyclic decadal crises arent a feature of human existance, they totally stem from capitalism. Capitalist realism is so baked in that people cannot conceive of any alternative that's better - even something as simple as imagine a future where growth is more controlled and there arent crashes all the time that wipe out your savings and kick you out of a job.
And every time it happens, people believe that it can never happen again. I remember people in '07 and early '08 once the instability had already started rearing its head saying "no no, that could never happen again! They passed Sarbanes-Oxley so businesses won't get overvalued or pop, besides we were hardly affected here in Canada!" and then wham, wow, it happened again!
Per my parents, people were equally shocked that the early 90s recession happened, and the recovery from that recession was just the dot-com bubble which went on to pop in the 2000s and the beginnings of the housing bubble which went off in the US in '08 and is still rising here in CA.
You literally cant explain to people that cyclic decadal crises arent a feature of human existance, they totally stem from capitalism. Capitalist realism is so baked in that people cannot conceive of any alternative that's better - even something as simple as imagine a future where growth is more controlled and there arent crashes all the time that wipe out your savings and kick you out of a job.
And every time it happens, people believe that it can never happen again. I remember people in '07 and early '08 once the instability had already started rearing its head saying "no no, that could never happen again! They passed Sarbanes-Oxley so businesses won't get overvalued or pop, besides we were hardly affected here in Canada!" and then wham, wow, it happened again!
Per my parents, people were equally shocked that the early 90s recession happened, and the recovery from that recession was just the dot-com bubble which went on to pop in the 2000s and the beginnings of the housing bubble which went off in the US in '08 and is still rising here in CA.