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Flat White

Coronavirus will create zombie borrowers: still walking, but dead from debt

31 March 2020

5:00 AM

31 March 2020

5:00 AM

Plague and pestilence have always ushered in social and economic dislocation.  The Antonine Plague of the second century AD marked a turning point in the fortunes of the Roman Empire.  The Black Death caused widespread economic and social disruption, and even a return to serfdom in Europe. The Great Plague of London in the seventeenth century had similar far-reaching consequences. 

So, will the COVID-19 pandemic be any different?   

The Black Death in Britain and Europe is the first pandemic for which we have reliable data on the economic and social consequences that accompany widespread disease. 

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