How COVID-19 Became a Crisis

To understand what went wrong, look at how the problem is framed

We are in crisis. Nothing could be more self-evident: a global pandemic has ravaged the human species.   But wait—what does it mean to call an open-ended event that is playing out over a period of years a “crisis"? If humans live with viruses, how is Covid-19, and the diseases it triggers, a crisis for the human species and our ...
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How COVID-19 Became a Crisis

The “K” in the Economy

Private equity and the rise of permanent capital

The consensus is that the road to economic recovery from the COVID-19 pandemic is K-shaped: certain sectors and populations will thrive while others stagnate or decline. Outsized online retailers and digital infrastructure providers, like Amazon, have experienced boom times, while many Main Street small businesses have gone bust. Those with a stake ...
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The “K” in the Economy

Where Is the Risk in the COVID Economy?

A look at shadow banking

We are witnessing a public bailout of the private sector that dwarfs the bailout response to the 2007­–2008 Great Recession. Compared to the $700 billion Troubled Asset Relief Program (TARP) implemented in 2008, today’s mobilization of public funds through the Coronavirus Aid, Relief, and Economic Security (CARES) Act amounts to ...
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Where Is the Risk in the COVID Economy?

Photo Essay: The Side Streets

A walk through Manhattan in June, 2020

Fifth Avenue, June 3, 2020, 3:45 p.m. Shuttered. Sixth Avenue, June 3, 2020. Empty. Sixth Avenue, June 2, 2020, 6:20 p.m. Bare, boarded. June 2, 2020, 6:20 p.m. Side streets. June 2, 2020 6 p.m. Sheltering-in-place. Sixth Avenue, June 2, 6: 25 p.m. Bankrupt. June 3, 2020, 4:50 p.m. A shadow of myself. Janet Roitman is a professor ...
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The Sesame Street Economy

What are the letters for economic health after Covid-19?

No matter the letter of the alphabet, there are two lessons we need to learn. The first is that growth, or ever-increasing output of goods and services, is a questionable standard to judge our economic health. We must interrogate the real value of the letters GDP. The second is that ...
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The Sesame Street Economy

Experimentation in Tandem with Exile?

This is the prepared text of a presentation to the General Seminar commemorating the 80th Anniversary of the University in Exile. I’d like to take up Robin’s invitation to think about what exile signifies and to ask, as she does, what are the consequences of having institutionalized the very singular, exceptional, ...
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