is it the end of the global economic system as we know it every day you graft of economic data confirm our worst fears the coronavirus has brought financial markets today knees companies a reeling consumers panicking everyone is under suspicion all countries are in lockdown at the borders the officials change people's temperatures and struggle to

keep the virus out fear is contagious work is under quarantine containing the disease is a tremendous challenge in our highly networked world. going viral with a new type of infectious disease dramatically changed the way we do business. it's globalization that allowed covert 19 to spread around the planet at such incredible speed but now the whole concept of globalization itself is ailing the outbreak has brought global supply chains to a standstill including the most important one during a pandemic medical supplies and pharmaceuticals a serious example illustrating just how dependent the entire world has become on just one economy by far the biggest player in the global supply chain china and now countries around the world are concerned about shortages and bottlenecks. this

pharmaceutical wholesaler currently has 130000 different medications stored in its warehouses it supplies pharmacies across germany. so what about the future. the main concern is that many pharmaceutical products and active ingredients are produced in asia what that means is becoming clear right now during the current pandemic. germany only produces a few products of its own it's the same throughout europe right now production. number of active ingredients are not being produced. he reckons that could be felt in germany within a few months. this is a disadvantage of globalization globalization has many benefits but this is

a classic drawback when you have different kinds of governments with different interests and it's possible that a country could find itself in a position of power and not use the power sensibly it's one of the political risks of globalization. gets most of its medications from india and china including antibiotics 90 percent of the critical ingredients. now come from countries. companies like here. in the north of the country. in the production of generic medications. the low labor costs they can produce inexpensive drugs but most. rely heavily on supplies from china for their production. of china stops exporting key ingredients to india 80 to 90 percent of india's

pharma companies are closed and patients will die. most of the active ingredients for its products from china because production costs are lower there. in fact most of the active substances found in medicines used around the world come from mega factories in northern china. how have we reached such extreme dependency especially with something as essential as medications. most importantly we've had discount agreements for at least the last 10 or even 13 years. that means that health insurance companies signed contracts with producers in which they agree prices the result has been far lower prices health insurers have been putting themselves on the back for this for years however it's becoming obvious that goods are no longer being supplied to germany in sufficient quantities . the whole time production resulting from the coronavirus pandemic means that few

active pharmaceutical being sent to india as a result india has curbed its own exports of 26 different drugs including some antibiotics the government in delhi wants to ensure that sufficient supplies of such medicines for the indian population. that could soon leads to. being exported to germany. the pressure is growing for germany to become more self-sufficient. the politicians have started to realize that too but because we've grown used to low prices i can't imagine how we'll be able to produce medications here again without having to pay through the nose for them. but . it would take years to get european production running on full capacity again and doing so would mean

a sharp hike in drug prices. a lot of lists expect higher prices for many products but that doesn't mean we need to panic i mean how much toilet paper doesn't a straight in household really need you germans out there what are you going to do with all that flour we've all got friends workmates or delivery services that can help us out if we get forced to stay home for weeks so is this simply a case of herd mentality or swarm stupidity or am i going to end up being the one who looks stupid when i realize that everyone else got it 1st. all over the word everyone is warning about a virus and when i look online it makes my head spin. everywhere you look people are hoarding supplies whether in hong kong sydney. on new york at airports medical checks travel restrictions. panic is on the rise

here in berlin events cancelled jobs lost colleagues in quarantine i think i need to get out of the city. and in addition to the medical emergency there's the impact on the world economy. is getting alternately the question is how profound will this crisis be and that depends on how quickly we get this epidemic medically under control in court because this crisis demonstrates the extent to which globalization has taken hold everything is connected to everything else somehow the word has become a village so that the virus far away in china suddenly is very close instead of acting globally people and countries are retreating into localism keeping in the distance from one another and one particular human instinct is aggravating the crisis behavior when i hear about empty supermarket shelves i panic myself. but. why is that yeah this is for the problem is that for each individual it makes

sense to follow the herd to follow the panic so. it's like the run we know from banking reform if people think a bank is going bust they'll run to it because the 1st ones there will get their money back. one goes ahead and the rest of the herd follows that can raise the chance of survival for groups of animals but it can make left tough for shareholders. we tend to follow other people's lead and even on financial markets we often react more emotionally then rationally like other animals we humans feel safer in a crowd. when panic breaks out it spreads like wildfire and the financial markets break down and there's a run if people are scared that share prices will keep dropping so they keep selling then we could see destabilization that would deepen the crisis then central banks should push back and say calm down will lower interest rates will make money available shares not fall that far. then some people will calm down and decide they

don't have to sell. central banks and governments worldwide are non-singing economic programs to mitigate the effects of the pandemic. and then panicking won't help anyone. for years now 2 well known german economists. and mathias find have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after an historically long bull market correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters writes about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague pacelli has met up with them. the state of emergency on global stock markets it's

a looming catastrophe that could end up worse than the stock market crash of 929 that's according to bestselling authors and economists. like. it's it's it's over they can't do anything it's a natural law it's thought that they can print so much money as they want they want to stop the crisis it's happening. or you'll prices have collapsed by a 3rd today or lowest level in 30 years keep it off by the coronavirus all over the world markets following. their latest book is called the biggest crash of all time . they have predicted to crash many times but now they feel they have prophecy has been fulfilled. right now we have too much debt the debt of the world is $255.00 trillion dollars this is 322 percent of g.d.p. and in 2008 with the big financial crisis we didn't solve the problems we just put

money into the system more money and we know what the interest rates now historic low rates and never more money in the system which just bought expensive time but we couldn't find a solution in the systems within the system it's done it's rotten to the core and it will collapse we shouldn't forget the last course for the crisis there was too much money and too low interest rates and now we have lower interest rates even more we've mentioned if interest rates and we print endless amounts of money and we gain some time but we'll never ever solve the problem. and the coronavirus pandemic today analysis factories small firms and shops all face major slumps and not just in europe. we see it in china like the economic implications and let's make a example germany germany. produce i think for factory work for the folks rock

n roll missy dispense it see what will happen if they have to close to entire factory what will be the economic implications of that in china live up to 300000000 people in parenting and lockdown it to the whole italy the whole country is in lockdown mode it's actually you can't imagine what kind of implications the test on the supply chains on the production chains and this will be the 1st and 2nd quarter will be at the sas that the recession was on the way to us anyhow the corner of our eyes is just the trigger for the next crisis it's a crisis we've never seen the 2 economists not just bestselling authors they also work as investment advisors they design be spoke investment funds for concerned investors or readers of bad books. it's time to invest in limited assets like gold gold is limited for nature or silver or real estate all of a forest or cotton for example there are critics who say that you operate with

double standards on the one side you make people afraid of the world economy prices on the other you say we have the remedies we have the tools to prevent the crisis my old products we don't make them the phrase would be realistic you wouldn't need supplies you have to be a you have to have stocks at home you know like food pasta everything we've brought in the book like 6 months ago and now we see it's happening after the world economy crash the financial world financial system here we go to more democratic fare and not creating the next monetary system will be backed with gold for example and we will see different totally different banking system many banks will fail. now africa hasn't been spared by the sickness it was just a matter of time considering the a.p. center of the outbreak was china and there's so much travel and trade going on

between the 2 these days china invests in africa to help meet its world materials needs and many african economies have become reliant on china for imports beijing is the key backer of some of the world's biggest infrastructure projects in africa he's an reporter she pointed to. whether the terrorists aren't really knowledgeable i was i was in europe and it was such a journey to come back to south africa actually because that's had already paris people. you know people station a person that got paralyzed that speech i'm only the chinese video blogger based in johannesburg satanical stereotypes about africans and chinese in her videos she's been telling me about the situation on the ground. usually 10 are full of. visitors i lately as really quiet now you ready people around also ahead of time visitor and also to also the business resident. what about if you are

a hairdresser sorry i don't get people going to. estimated there are more than 1000000 chinese nationals living in africa and meanwhile china has become a leading destination for students. more than 80000 african study there. has been student who was only willing to speak anonymously left china a month ago with the help of his parents. i want to arrive or i will write my purpose or as it is it. will cover. letter that i just have to deliver deterrence if i'm through i have had no symptoms or any sort that would. be linked to the current busy of her. tells me he wasn't parenti and in zambia like he would have been in china. to see

if a child was. because of. this and. i know it's there but i think more so 'd for. that i that sounds a bit contradictory i think they say one is a fact and one is that it now while people may be able to rely on their feelings and perhaps even escape the crisis the situation is much trickier for businesses. china is currently africa's largest trading partner over the past 2 decades the 2 way trade between africa and china has been growing exponentially. pointing to china's ministry of commerce it reached $204000000000.00 in 2018 but it's looking like things might slow down. that's already the case in the construction sector. chinese companies are involved in half of the ongoing major road

construction projects in uganda do some work on them is tolling. we had a few project managers travel to china to celebrate the new year the chinese new year. when you look at back in time and saw africa that's quite a bit but only the month we've also been affected by the inflow of sort of materials that are used in this project because they to come from. uganda isn't alone several african countries are affected including africa's most populous country nigeria work on a rail segment linking the economic hub of labels and the northern city of kano has been delayed because of the outbreak and the project's financing could also be affected. i don't remember not enough of a man but i want all that. and i know that lady and. hong on both we will that not. go back to the shops on just sounds

a little girl really wanted an unblinking she wants and. any. have a good thank you. now after speaking with a mocca morning in south africa and examine student what really intrigues me is the fact of the zambian student decided to go back to zambia which doesn't have a very good health care system compared to china's for businesses though there is no escaping the corona virus outbreak or its effect especially if they have strong ties to china. now that globalization has suffered a setback what will happen is the coronavirus takes a toll on economies when we go local that would mean a huge drop in transportation costs and emissions recent pictures of the air above

china showed how to months without production help clear the skies and mobile happen to the way we work in a world that's so digitally connected i prepared my part of the show from home. the new virus is spreading rapidly around the world is it time to rethink globalization people move from country to country to travel and work now that's led to stop shortages production stops and shaky supply chains. what does this mean for the future one scenario suggests we could return to thinking locally. that could mean essential goods and medications being produced on domestic soil again ensuring sufficient supplies for the local population. it would make nations more self-sufficient and with shorter transport distances it could end up being better for the climate too well but it would mean radical changes to production structures

among other effects that could result in higher prices in industrial countries and fewer commissions for emerging economies. the 2nd scenario could see globalization accelerating with the help of tele migration. this involves people living in one country and working virtually in others using telepresence technologies these are constantly improving thanks to ever speedier data transmission. a technician in one country could repair a machine and another by virtual means such virtual use of skills would have the advantage of reducing the spread of diseases across the planet. however it would also put all service employees from nears to graphic designers in competition with each other world wide. whether we end up with more or less globalization the new coronavirus has certainly changed how we view our interconnected world. it has it

just been nice to see a little bit more solidarity during this crisis less fighting over toilet paper and supermarket aisles and all cooperation remembering that if you end up pointlessly hoarding a whole lot of stuff at home someone else is probably missing out equally pooling resources is often a good strategy for companies that's especially true for research and development and in finding innovative tech solutions to some of today's biggest problems. and i love my job. i get to learn about different cultures and working methods different social classes and mentality we bring everything together on one platform . you want to coordinate collaboration among 150 scientists from 3 universities and between research groups

from different fields of study as well as between researches and industry. the innovation lab in heidelberg does research into areas that have commercial potential. that's it's my job i thought it's my job to make the scientists aware of gaps in the market instead of doing research that's not relevant to the market they examine what people need many things that end consumers can later use. production takes place next to the laboratory and involves 3 major companies. one of them is hyderabad took. the company faces a major problem it's printing machines are optimized for paper but demand for newspapers and books is on the decline. it means to find a new gross market like digital printing instead of newspapers in the future the

machinery will print senses is that an issue or a business of the future. vice issue and as you find the foresight and a little imagination the new technologies tend to be hyped in the beginning but it takes a bit longer for them to really come to life of collaboration with the universities is very good. we understand each other specific interests and so far that has always gone smoothly and i thought this here i think about. how much has he already invested i'd rather not say. the cooperation at innovation lab has been more expensive and more difficult than originally anticipated the old posses well you know we have different cultures time doesn't play a role as university if i need to 5 or 10 years to develop something that doesn't matter to me as a public servant it's bomb to just kind of want to listen to this my god it's

clearly a balancing act on the one hand we have tax listed companies as stakeholders in the on the other hand universities aren't profit oriented this doesn't really exist by god that's my balancing act i have to reconcile the interests of both sides company . but he believes the collaboration has put them far ahead in the global research race digital printing is ready to be launched on the market the next step is to find a market and customers. the automotive industry in his homeland of vietnam has shown interest could the sensors be used in car seats asian rivals are intrigued by the new technology. that we're proud to have found a technology that we produce in germany an expensive location

a technology that we deliver to the entire world. to currently we have a lot of inquiries from china asking to visit our companies. if there is no intention to do business with us then we say no right away so what are. you what glenn doesn't want to reveal how much the product costs the price is negotiable but he will say that the digital sensors are much less expensive than conventional systems. and we end the show with some cautious optimism the latest data on the slowing down of new cases in china gives grounds for hope chinese state media has been celebrating the trend if the numbers are accurate they give hope that strict measures being posed around the world will manage to contain the virus so i've done my bit of a studio back home now into self quarantine i'm not sick it's just there's a lot of us involved in putting together such a show and the less direct contact with one another the better for all of us that

they don't see you again soon here are made. in.

europe schools are closing. in italy lessons have been taking place in the coalmine for several weeks now because of the internet and drastic measures in exceptionally talented times for teachers and students. the mushroom students learned during the time of the corona. under. 30 minutes on d w. the global corona crisis you can find more information online at e.w. dot com and on t.w. social media channels.

are small acts who can inspire me change hands meet the people may come to school and go africa from time to right. join them as they set out to save the environment learn from one another and work together for a better future. many cars do you over tuning in to cocoa for go. on d. w. . how does the virus spread. why do we panic and when will all this. just 3 of the topics covered in the weekly radio show is called spectrum if you would like and the information on the coronavirus or any other science topic you should really check out our podcast you can get it wherever you get your podcast you can also find us at. ford slash science.

is quite as simple as it seems. to understand the world better we need to take a closer look at. the experience knowledge to borrow today. on evolution. each side tells my story. of the people who climbed to me. dedicated to me. i am not too dumb to. be the longest line. in the centuries they built me they created something truly rocking. out to lunch as i was destroying. i have monta

my city's days for centuries the company my country. until the day i mean leave. nothing done differently dance and pull and. this is the dublin years and these are our top stories german chancellor angela merkel has called the corona virus the greatest challenge germany has faced since world war 2 and a prime time address she asked germans to do their parts to help slow the spread of the opposition she also said the government would do all they could to save jobs.