We are currently undergoing one of the toughest periods in our time. Most of us weren't around when the last depression took place in the 1930s. However, from what we have recorded we can learn a few things from the past:
1. Protectionism will lead to a lot of societies being isolated from the global economy. This isolation may lead to conflicts and eventually war between some countries.
2. Expect prices to rise rapidly during the recovery phase. Currently, prices are depressed and at the first instance, firms will raise their tariffs to make up for their losses.
3. Opening of new markets. We hope to see new markets being nurtured and grown. This is a great opportunity to see wealth changing hands. The marginalised communities have an opportunity to participate in the next growth cycle.
4. The recession is nature's way of getting rid of the rotten apples. I will not worry if my business does not make it through the recession. And I am not worried to say the least if my client's business goes under either. We all have a way to survive this crises. The pain is only temporary. We'll survive this crises in the long run.
If I do not have any wisdom to offer, be rest assured that I'll offer you my ignorance.
