Polycrisis — is this the sequel?

In this article, Adam Tooze revisits the concept of “polycrisis,” noting that while the term remains relevant in certain regional and institutional contexts, it appears less applicable as a descriptor of 2025 landscape. He contrasts the intense disruptions of 2020–2022 with the current relative calm in financial markets, despite ongoing geopolitical tensions. Tooze suggests that many contemporary developments are deliberate actions rather than emergent systemic crises, prompting a reconsideration of the classical definition of crisis as a turning point for a coherent and threatened system.