crises lead to innovation

Economic, geopolitical, and health crises throughout human history have often spurred a flurry of innovation, production, and growth. The Spanish flu pandemic in 1918 and 1919 – which killed some 50 million people worldwide – eventually gave way to the “Roaring Twenties,” one of the most productive economic periods the country has ever experienced.5 World War II brought women into the workforce and turned factories in the US into wartime production facilities, assembling all of the materials needed to win the war. There are countless other examples.

These crises are never welcomed ones, and they often lead to devastating, tragic losses. But we must also remember that crises are inevitable – they are part of the human story and always will be.

-- Mitch on the Markets, 5/2/20