The coronavirus has shown us the global economic system is no longer fit for purpose

By now, three hard truths about the Covid-19 crisis should have become apparent to policymakers around the world.The first is that every major economy is currently in some form of lockdown, with significant parts of their economies effectively shut down. These lockdowns and shutdowns – the result of what has become known as the suppression strategy – have exacted a huge economic toll. If they are prolonged, they create a high and growing risk of sending the global economy into a depression…