The writer is chief economist at the European Bank for Reconstruction and Development
Wherever we turn these days, we see hand sanitisers. Previously a niche product, they are being promoted as one of the most effective protective measures against coronavirus. But this is a symbol of a much wider shift: in the pandemic, the invisible hand of the market is giving way to the visible hand of state.
The big question is not whether the state will be back, but what form its presence will take. Will it be a caring hand, providing economic and social assistance without damaging private enterprise, or the grabbing hand of oligarchic elites, using it for private economic and political gain?
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