Can 'Creative Destruction' Work During a Pandemic?

Great things can rise from the ashes of failed companies, so governments shouldn’t rescue firms that would otherwise go bust. That’s the thinking behind so-called creative destruction, but amid the unprecedented shock of the pandemic, does this economic theory apply, or is it too risky? On this week’s episode, Stephanie Flanders talks to Bloomberg Federal Reserve reporter Rich Miller and Eurozone economist Maeva Cousin about the contrasting economic policy approaches taken by the U.S. and Europe. The pandemic has also thrown up new challenges for gender equality, with women more likely to suffer financially, especially in hard-hit sectors like tourism and hospitality. Bloomberg economy reporter Yuko Takeo reports how the crisis is another obstacle for Japanese women fighting for greater representation in the workplace, and more power in the world’s third largest economy. See omnystudio.com/listener for privacy information.