A raft of subsidies, low-interest loans, and other supports seems in the offing for American businesses, and that crucial injection of capital may come with certain strings. For instance, some in Congress have called for making aid to some businesses contingent on relocating supply chains to the United States. If the other policy aims are bundled into various relief efforts, that could have long-lasting implications for American economic policies and political dynamics. The absence of policy strings could also be a cause for disruption. After all, the frustrations resulting from the fallout of the 2008 financial crisis — including the lack of reforms to end Too Big to Fail — have helped fuel the unrest of pre-COVID politics…

There is a chance that the coronavirus outbreak could end up being a relatively minor disturbance to the geopolitical status quo, an urgent blip after which the world returns, eventually, to business as usual. However, the effects of this global pandemic could also help solidify some correction to the current model of globalization. This correction need not be a Cold War 2.0, or a replay of the great disintegration that happened during the First World War, in which great-power competition unleashed a torrent of mayhem and misery. Countries might hold out a place for trade and migration while also placing a new emphasis on their internal social and economic infrastructures. The United States, for instance, could simultaneously engage in a more energetic form of industrial policy while also trading with nations across the globe (as countries such as South Korea and China already do). A more robust effort to renew the American industrial base and working class might actually help prevent a radical global retrenchment; a United States with a stronger internal infrastructure could better meet its international commitments.