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The Economist No.20: Goodbye Globalisation 

Has covid-19 killed globalisation

Even before the pandemic, globalisation was in trouble. The open system of trade that had dominated the world economy for decades had been damaged by the financial crash and the Sino-American trade war. Now it is reeling from its third body-blow in a dozen years as lockdowns have sealed borders and disrupted commerce. The number of passengers at Heathrow has dropped by 97% year-on-year; Mexican car exports fell by 90% in April; 21% of transpacific container-sailings in May have been cancelled. As economies reopen, activity will recover, but don’t expect a quick return to a carefree world of unfettered movement and free trade. The pandemic will politicise travel and migration and entrench a bias towards self-reliance. This inward-looking lurch will enfeeble the recovery, leave the economy vulnerable and spread geopolitical instability

The European Union is having a bad crisis

Seventy years ago this month Robert Schuman, the French foreign minister, proposeda European “coal and steel community”. With that humble agreement governing two commodities, six war-ravaged countries created a common market that evolved into the European Union.

Don’t rely on contact-tracing apps

Everything happens faster in a crisis. Faced with covid-19, vaccine-makers are cutting as many corners as they safely can. Anti-viral drugs are being rushed into clinical trials. Even so, it will be months until anything is available. With 297,000 people recorded dead, the wait is agonising. But caution is crucial. Medicine’s history is full of promising treatments that, when tested, turned out not to work or even to cause harm.

Check out more at: https://www.economist.com/printedition/2020-05-16

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