Adam Tooze and Raghuram Rajan on the State of the World Economy in the Age of COVID-19 and Beyond

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Adam Tooze, CGT Member and author of “Shutdown: How Covid Shook the World’s Economy,” sat down with Raghuram Rajan, Former Governor of the Reserve Bank of India and current Professor at Chicago Booth, and discussed the current state of the world economy, including the role that central banks played in the response to the recent pandemic-driven crisis, differences between the 2008 and 2020 crises, China’s economic policy response to COVID and what their prognosis of the global economic condition looks like for the coming years.

0:00 Introductory remarks by CGT Chair Dr. Vishakha N. Desai
4:10 Brief introductions of Adam Tooze and Raghuram Rajan
7:48 What do you think about the role of central banks and its implications for the global economy?
37:18 What’s different about the European landscape this time?
38:45 China’s response
39:51 China’s economic policy response
44:38 When it comes to China and economic changes, much of it is going to require political changes, will both of them come together?
48:42 What is the main takeaway for current economics students and how can hyper-globalization impact the weak economy caused by current events? How should we understand the ‘let them eat credit’ in the context of the actions taken by central banks in the last 18 months?
56:20 What’s your prognosis for the negative growth in India? And what do you think about Russia?
1:01:28 Let’s say we are sitting here two years from now, hopefully COVID is behind us. What is your prognosis of the global economic condition two or three years from now? What needs to happen and what you think will happen?

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