"To counteract all this, we are told that big government must now return, to regain control, redistribute resources and, with enlightened industrial policy, steer resources to particular national industries and green technology. This is what the debate looked like even before the pandemic. When the new coronavirus ravaged the planet, suspicion of the outside world and free trade exploded. Governments began to close their borders and demand that supply chains be repatriated. ‘I don’t want to talk about a victory lap,’ Trump’s rather enthusiastic business secretary said about the ravages of the virus, but ‘I think it will help to accelerate the return of jobs to North America.’ Financial Times’ global business columnist Rana Foroohar declared that ‘Globalisation as we’ve known it for the last forty years, has failed.’ Governments, meanwhile, decided that the way to protect the economy was bailouts for everyone – first for the financial sector, then for everybody else. People got used to the idea that gains are to be privatized but a growing share of losses are to be covered by taxpayers or central banks. When they run out of money, they just print more and when this creates inflation, people need another round of bailouts to compensate for higher prices. And so on."