It has been called the world’s second “oil war”, but the only similarity between Iraq and events in the jungles of northern Peru over the last few weeks has been the mismatch of force. On one side have been the police armed with automatic weapons, teargas, helicopter gunships and armoured cars. On the other are several thousand Awajun and Wambis Indians, many of them in war paint and armed with bows and arrows and spears.

In some of the worst violence seen in Peru in 20 years, the Indians this week warned Latin America what could happen if companies are given free access to the Amazonian forests to exploit an estimated 6bn barrels of oil and take as much timber they like. After months of peaceful protests, the police were ordered to use force to remove a road bock near Bagua Grande.

In the fights that followed, at least 50 Indians and nine police officers were killed, with hundreds more wounded or arrested. The indigenous rights group Survival International described it as “Peru’s Tiananmen Square”.

As the first signs of “green shoots” start to appear in headlines and the housing market, a rather depressing question keeps nagging at me: “Is the current economic ‘shock’ big enough?” It might seem an odd question to ask when a crisis is destroying jobs, decimating trade and driving many countries to the brink of insolvency. No one, least of all Oxfam, is hoping for anything but a quick recovery.

But crises do not only destroy; they can also create once-in-a-generation opportunities when the world re-examines the way we do things. Women won the vote in Britain after the first world war had transformed their role in society. In the US the Great Depression led to the New Deal. As Rahm Emmanuel, Obama’s chief of staff, remarked recently: “You never want a serious crisis to go to waste.”

Could the current crisis create the conditions for profound changes that would benefit the majority of the world’s people in the long run; or is the current doom and gloom devoid of any such silver lining?