With the number of Covid-19 cases moving steadily towards the 230,000 mark across the world (with about 86,000 recoveries) and the number of fatalities already more than 9,000, most countries are taking extreme national measures to contain the outbreak.

These measures have precipitated the bloodbath the markets have experienced in recent weeks as many thought that the steps taken by national governments were woefully insufficient. The growing impact on people’s livelihoods from quarantines, social-distancing and travel bans illustrates something we have known for a long time — that securing global health is the quintessential global public good...

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