The Covid-19 pandemic is arguably the first truly global crisis of the 21st century. The only modern historical parallels to the economic disruption triggered by a microscopic pathogen are to the last century’s world wars.
The start of World War I, in August 1914, not only ended a long period of peace, but also suspended an earlier epoch of economic integration and globalisation. As governments around the world pursued new protectionist agendas, economic...
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