Summary: As a result of the deadly coronavirus outbreak in China, as well as in other countries including the US, numerous major companies have been forced to shut down their factories and stores in China. Consequently, company shares have been significantly lower in value, while quarterly performance for the upcoming quarter will be lower than expected. Additionally, major airlines have closed off routes coming from and going to China, temporarily decreasing their revenue until the virus outbreak is contained. In the past, the SARS caused airlines to lose a combined 8% of their revenue ($6 billion then), meaning this outbreak could also result in similar hardships for airlines. On the other hand, bioscience companies helping with the development of a cure and supplying necessary medical equipment to Chinese hospitals have greatly profited from this unfortunate event.
Reaction: It’s interesting to see how much the virus affects the US and worldwide economy because people tend to focus simply on where the virus is spreading and how to not contract it, while ignoring the indirect impact it has on the economy.
Connection: In the late 1800s and during the 19th century, strikes temporarily stopped production of goods in factories until a compromise had been reached.For example, as a result of the Pullman strike, railroad traffic through Chicago stopped for a few days, hurting both the Pullman company and the railroad industry. This shows the effect that stopping factories or railroads only for a few days can have on the economy, in both the 19th and 21st century.
Discussion Questions: Should we be focusing more on the many ways that the coronavirus is affecting our lives? Are there other problems indirectly caused by the coronavirus that aren’t being talked about as much as others?
I find it a bit disgusting that we are focusing on Corona Virus's effect on the economy instead of ways to mitigate this deadly virus, and possibly develop a vaccine. Who cares if the pockets of the rich are suddenly a little lighter when people are dieing, even when the Dow Jones shoots up, the wages of the workers don't rise with it.
ReplyDeleteI think it's by far most important to focus on the effects of coronavirus on people who actually contracted it and finding a cure for them, or at least the best way to counter the virus. However, it is interesting to discuss other ways it has affected the world and how large of an impact it has already had on so many people, including those who haven't even gotten the virus or know anyone who has. The whole situation is devastating and I hope that soon scientists can develop some sort of cure. In the meantime, hopefully they are doing their best to contain the spread of coronavirus as much as possible.
ReplyDeleteFocusing on the people who have contracted the virus and finding a cure should be the main priority, but I also agree with your point that the virus has still affected many in various ways, including those who either don't know about the virus, or haven't gotten the virus.
DeleteThe US economy is at an all-time high, as President Trump likes to brag about occasionally, but we have seen in US History how a booming economy can easily collapse. Most people see the new Coronavirus as a health threat, which is true after the WHO announced it as a pandemic, but many people fail to see this virus as a threat to the economy. According to a recent NYT article I read, after the extension of 15 days to the new years' celebrations workplaces were nearly empty due to the fear of contracting the virus. Besides the economy, the new coronavirus is also causing a spike in racism again all Asians. Because of this, many small businesses in China towns across the nation, including San Francisco, have seen a decrease in sales and customers overall. You can hear about a specific impact it has on SF China town on KQED. Similar social media platforms such as TikTok have made sketches or POV's involving racist ideals and the current virus.
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