Srilanka, March 31 -- The 2020s is turning out to be a decade of great unravelling of the global order much like the 1930s. The Great Depression of the 1930s and the aggravation of the debt crisis in countries like Germany, paved the way for the rise of fascism and tremendous destruction with World War II. Only time will tell the depth of the contemporary unravelling and its fallout.

The current global crisis has no doubt been generated by the long capitalist downturn shaped by neoliberal globalisation and financialised accumulation over the last five decades. The crisis prone character of the neoliberal project are evident from the debt crisis affecting the global South in the 1980s, the East Asian economic crisis of late 1990s, and t...