There is no longer any doubting the seriousness of the coronavirus crisis. But we need to be clear about what kind of crisis this is. It has the potential to do worldwide economic and human harm. But it is not the result of a flaw in the organisation of the world economy, in the way people, goods and money flow across the globe. It is a global crisis, not a crisis of globalisation.

The distinction is important, because if politicians and business leaders take the wrong lessons from this crisis, the world will be less prepared for the next.

It is not surprising that, when Covid-19 still looked like a Chinese rather than a global problem, US commerce secretary Wilbur Ross said that the virus, regrettable though it was, would “help accelerate” the return of jobs to North America. If you see the world economy as a zero-sum game, one country’s loss must be another’s gain.