In normal situations, the entire economy of a country is primarily oriented to create wealth and meet the demand for people's goods and services. But what happens when things change and suddenly some extraordinary event takes on exorbitant relevance? Think, for example, of war or even a pandemic, like the one we are now experiencing with SARS-CoV-2.
In such situations, the priorities of people and governments change radically overnight. And with them, the needs of production.
Suddenly demand changes and you have to produce very different things as quickly as possible. In the case of a pandemic; medical equipment, in the case of war; all kinds of weapons and ammunition.
Well, it's in these situations when you start talking about a war economy. A concept that has been put in place in many countries right now because of the coronavirus.
Now, how can you initiate a war economy? What capacity do governments have to steer all domestic production in one direction? How to react to absolutely extraordinary situations? In this video we'll tell you.
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