PHILIP STEPHENS: The path from Covid-19 to a new social contract
Pandemic offers leaders a chance to rebuild faith in liberal democracy by rewarding enterprise and establishing job and income protections
To employ an old world metaphor, entire forests have been felled in the cause of predicting how Covid-19 will change the planet. This before anyone knows if, five years from now, we will still be hiding from the virus or whether it will have been consigned to the epidemiological textbooks by an effective vaccine.
The heavy first-round costs, human and economic, speak for themselves. They need to be measured against the options that are opening up for policymakers. Left to itself, the pandemic could tip many of the world's rich democracies over the populist edge on which they have been teetering since the 2008 financial crash. Paradoxically, it also offers a route for political leaders to rebuild faith in liberal democracy.