The Economist Everything’s under control

From: The Economist this week - Thursday Mar 26, 2020 05:43 pm

In Britain and America, covid-19 has led to the most dramatic extension of the state since the second world war, and it has taken place with almost no time for debate. But it is no accident

March 26th 2020

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In another week dominated by the pandemic, we have two covers. In Britain and America we examine how the role of governments has expanded to deal with the virus. It is the most dramatic extension of the state since the second world war and it has taken place with almost no time for debate. But it is no accident. Only the state can enforce isolation and business closures to stop the virus; it alone can help offset the resulting economic collapse. Yet for believers in limited government and open markets, covid-19 poses a problem. The state must act decisively. But history suggests that the state does not give up all the ground it takes during crises. Today that has implications not just for the economy, but also for the surveillance of individuals.
Everywhere else we look at the damage the disease will do to poor countries, which could be even worse than in the rich world. Official data do not begin to tell the story. As of March 25th Africa had reported only 2,800 infections so far; India, only 650. But the virus is in nearly every country and will surely spread. There is no vaccine. There is no cure. The health-care systems in poor countries are in no position to cope. And their economies will take a battering just as they need to raise spending to reduce the death toll and provide welfare so that workers can isolate themselves without running out of money. It is in rich countries’ interests to think globally. If covid-19 is left to ravage the emerging world, it will soon spread back to the rich one.

Zanny Minton Beddoes, Editor-In-Chief

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Abe Shinzo, Japan’s prime minister, announced that the summer Olympics would be delayed by a year because of the pandemic. Athletes have been complaining that restrictions on movement related to the outbreak made it impossible to train. Tokyo’s governor warned of an “explosive spike” in cases in the city.

Markets had another manic week, as investors swung between despondency and optimism. On March 24th the S&P 500 rose by 9.4%, its biggest one-day gain since October 2008. The NASDAQ was up by 8% and the Dow Jones Industrial Average by 11.4%. The FTSE 100 and German DAX recorded similar leaps.


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