Economy of the city in modern conditions

Abstract

A century ago, in 1918–1919, there was a Spanish flu pandemic, which was superimposed on the First World War. This led to catastrophic consequences: the number of victims went to tens of millions. World War I, the Spanish flu pandemic, and the Great Depression that followed, shook the global economic system. However, at that time there was no global capital market, so it was much easier to survive the global crisis than it is now. Globalization in today’s sense did not exist: countries were not so interconnected. The First World War and the crisis that followed it are, in fact, the first signs of globalization. It is not national markets that are falling now, but the global capital market. This is important because all national and banking strategies, all reserves depend on it. Almost everything that defines our life today is tied to the global market. As far as the urban economy is concerned, here the effect of the epidemic can be traced in the consumer market.