The writer is professor of finance at the Chicago Booth School of Business and author of ‘The Third Pillar
When the pandemic hit, there was widespread hope that economies would be able to reopen after a month or two of lockdown. Businesses would be placed into an induced coma, stay intact over the period of the lockdown and start production quickly when it was lifted.
With this in mind, rich countries supported their small and medium-sized enterprises with grants or wage subsidies, and their large companies with cheap loans. While expensive, the logic went, it would only be for a short while.
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