The common denominator of the current polycrisis

A new term is now popular to describe the complex context in which we find ourselves: polycrisis. Well-known economist Larry Summers, former US Treasury Secretary and President of Harvard University, in a Financial Times interview attributed the term to Adam Tooze, an English historian and professor at Columbia University. The term polycrisis aims to capture a unique combination of developments occurring simultaneously and mutually reinforcing. After all, the world has experienced such developments before: geopolitical tensions, wars, economic crises, inflationary spikes, political instability. But here they are now, all present together, at risk of shaking the world’s economic and geopolitical order. Faced with such a serious, yet exceptional situation, the question is: where did it all start? What were the causes that brought us here? And my answer, perhaps paradoxically, is that

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