What is it like to live through a global economic shock?

Everyone alive, who's listening to this anyway, will have lived through something,

whether it's the 1970s, whether it's the economic shock caused by COVID,

whether it's 1956 in the Suez Canal crisis.

But it's a relevant question at the forefront of many of our minds, because right now,

Peter, we are living through an economic shock, almost like no other, certainly like no other,

I can remember. I think in my lifetime, Afwa, I've been through three major global shifts of

power and dislocations. One was the fall of the Berlin Wall in 1989.

Second was 9-11 at the aftermath. And what we've seen in Iran after Israel, the United States

launched attacks on the 28th of February this year, 26, the kinds of things that have gone

through the system have been completely epic in scale. A lot of that has been to do with the closing of the strait of Hormuz, where tankers carrying not just

LNG, liquefied, natural gas and oil have been stopped or prevented from passing through,

but also carrying things like ammonia and fertilizer and helium. And those kinds of shocks have produced waves that have gone

the whole way around the world under the process of transforming the course of 21st century,

Afwer. And the obvious question is, is this similar to previous economic shocks that we have

lived through before? And what can we learn from those shocks? And of course,

on legacy, that's what we specialize in, looking at events from the past and working out what their

legacy for contemporary life and experiences, what we can learn, how we can be more equipped to deal

with what we're living through now. So what better way than to look at four major economic shocks from history that did have a legacy

that I think will have some patterns that sound to all of you listening very familiar?

We're going to be talking about the Suez Crisis of 1956, the great Gulf crisis of 1973,

the COVID shock, but we're going to start by going back to the First World

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