Don’t Let a Crisis Go to Waste

Only through a deep understanding of economic and financial crises can we resolve them and turn them into opportunities

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Editor’s note: This article is a review of the book “The Art and Science of Crisis Response” (《危机应对的道与术》) published in January by the People’s Daily Press, a social science publishing house under the editorial committee of the state-run media People’s Daily.

People crowd into a branch of Silicon Valley Bank in Santa Clara, California, on March 13, 2023. Photo: VCG

Economic crises are inevitable. Major crises are a manifestation of imbalances that have built up in an economic system, yet they also present opportunities for reconstruction, such as thorough comprehensive reviews of and adjustments to financial systems and regulatory frameworks. Policymakers need to transcend individual interests, and take a holistic and pragmatic approach to resolving and preventing crises. This requires a positive attitude, a deep understanding of the crisis they are trying to deal with, and drawing lessons from previous crises and how they were handled.

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“The Art and Science of Crisis Response” published early this year by the People’s Daily Press provides a handbook for managing modern economic crises.