How to Avoid a Coronavirus Depression

It Will Take Wartime Spirit—and Spending—to Keep the Global Economy Afloat

Jeff Zelevansky / Reuters

As the novel coronavirus pandemic sweeps the world, countries have rightly recognized the need to take dramatic measures to “flatten the curve”—that is, to slow the rate of infection, avoid overwhelming health-care systems, and in so doing save many thousands of lives.  But these necessary public health measures have also triggered chaos in the global economy. “Social distancing” efforts have placed sudden and existential pressures on businesses, caused historic turmoil in global capital markets, and fanned widespread fear of recession—or worse. Growing numbers of forecasts now predict economic and financial pain on par with the global financial crisis of 2008 …