Crises triggered by internal economic contradictions are distinguished from those that are triggered by external (to the economy) events. The COVID crisis is of the latter category. The bubble-triggered 2008 financial crisis is of the former. However, the distinction is partial. Internal economic contradictions, such as the aggravated US economic inequalities, may not be the 2020 trigger, but will have no less profound impact on the response or recovery from the "externality".
Barry Ritholtz gives some good examples. However, note his response to predicting the future of this particular 'externality triggered' crisis: "I don't pretend to know"
How Externalities Affect Systems
https://ritholtz.com/2020/08/how-externalities-affect-systems/It took about a billion years for life – single cell organisms — to develop on planet earth. Another 500 million years led to simple organisms that used photosynthesis; another 1 – 2 billion years before multi-cellular life appeared. The next billion yearsled to plants, dinosaurs, birds and mammals.
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