WILL THE CORONAVIRUS KILL GLOBALIZATION?

UNTIL RECENTLY, MOST POLICYMAKERS AND INVESTORS remained complacent about the potential economic impact of the coronavirus crisis. Until late February, most wrongly assumed that it would have only a brief, limited, China-specific impact. Now they realize that it is generating a global shock, which may be sharp—but which most still expect to be short. But what if the economic disruption has an enduring impact? Could the coronavirus pandemic even be the nail in the coffin for the current era of globalization?

The coronavirus crisis has highlighted the downsides of extensive international integration while fanning fears of foreigners and providing legitimacy for national restrictions on global trade and flows of people.

All sorts of businesses have suddenly realized the risks of relying