The coronavirus is dispelling any doubts that ultimately the state, not business, is in charge. It can create money or pencil in future tax increases. Businesses cannot.
The subtext was that interdependence is the only defence humans have against their own fragility. For postwar individualist philosophers like Ayn Rand — cheerleader for the primacy of private capital — the jig is well and truly up.
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Financial Times
Jonathan Guthrie is a Financial Times associate editor and the head of Lex, its premium commentary service on companies and investment.
