Crises often expose faultlines that we know exist but prefer to ignore.
The global financial crisis of 2008 exploded the ideology that markets always deliver the goods. Remember those mighty Wall Street titans rattling a beggar’s can in front of the federal government in Washington to avert financial collapse.
The Covid-19 pandemic of 2020 has now shattered the comforting delusion that governments are a fail-safe backstop, too. For sure, they are playing an indispensable role in quarantining people and injecting fiscal adrenaline into the comatose economy. But in the US and UK, at least, they have underfunded critical public healthcare infrastructure and institutions and been painfully sluggish in their response.
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