Lawrence Summers is definitely right in considering the present coronavirus crisis as a seminal event, generations from now /FT, 15 May 2020/.
Yes, it might also be regarded as a turning point towards an Asian century.
In my view, the current period bears a close resemblance to the year 1956, when Hungarians revolted against the Soviets and the Suez crisis put an end to the Anglo-French rule in the Middle East.
At that time, the compass of all game changing events pushed history in the direction of freedom.
Now, the main game changer, the coronavirus definitely steers all of us in the direction of security.
The history of the west is the history of freedom, while the history of Asian nations shows an overwhelming wish for security.
This is the major shift of history in our century.
Re “Covid-19 looks like a hinge in history”
Governor Matolcsy, MNB, the Central Bank of Hungary
