We’re all in this together. That’s what makes the coronavirus pandemic so unusual.
Just about the entire planet is grappling with what may well be the biggest disruption in trade and commerce since the Great Depression. Policy makers have fought back with trillions of dollars of spending and lending, and they’ve fired off a volley of programs to aid industry and employment. The result is the largest experiment in economic policy outside of a world war.
Officials are looking across national boundaries to learn from their peers. Many countries have adopted some form of Kurzarbeit, the short-time working system used in Germany. France raced to support its tech startup sector, inspiring Brits to do the same. The Swiss figured out how to unlock rapid funding for small businesses, while in some instances leaving big corporations to fend for themselves.