Article - Problems of Modern Economics

Pisarenko Zh. V.
Assistant Professor, Chair of Risk Management and Insurance, St. Petersburg State University, PhD (Economics), Professor
Bekishev Yu. A.
PhD student, Department of Economics, St. Petersburg State University
Arkadjev V. A.
PhD student, Department of Economics, St. Petersburg State University

Impact of epidemiological situations of the past upon the economy and society: smallpox, Spanish flu (Russia, St. Petersburg)

In relation to the emergence of COVID-19, the question on “vulnerability” of economy and the social order even in view of a comparatively insignificant epidemiologic outbreak became topical. To avoid these consequences in the future, it is necessary to understand, which regularities are at work in these processes. The article presents a historical analysis of two previous large-scale pandemics, one of the “black plague” (1815–1871), and the second, of the “Spanish flue) (1918–1920), comparing their impact upon the economic, social and political situation in various countries. The authors conclude that the painful economic effect of these epidemics bears a short-term character, i.e., does not have long-term impact, and the economic system always returns to its previews condition. This is not the case, however, with the social and political systems. The research aims at helping scholars and economists in the evaluation of the current pandemic and its impact upon social life.

Key words: pandemic and economy, impact produced by pandemics, society in the situation of a pandemic, global pandemics, “black plague”, “Spanish flu”

Pages: 73 - 77

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