"THE GOVERNMENT intervention is not a government takeover," the American president argued. "Its purpose is not to weaken the free market. It is to preserve the free market." The imf pointed to the "unprecedented policy actions undertaken by central banks and governments worldwide". The economic response to the financial meltdown of 2007-09 was big enough. But in answer to the covid-19 pandemic policymakers are launching even bigger, more radical interventions. Putting the economy on a wartime footing is supposed to be temporary. A look at 500 years of governmental power, however, suggests another outcome: the state is likely to play a very different role in the economy-not just during the crisis, but long after.
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