Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them. - Ha-Joon Chang

Thirdly and probably... a bit even more importantly, this crisis has made us think "What is really important?" ...[I[n the neoliberal system of thinking... that question doesn't even exist... because... in that system... something's value is... determined by the market. ...[T]his has been one of the key themes of the market economy where they have argued that there is no ethical system that can tell you what is more important and what is less important... [A]ll of these ideas about the that the Classical and Marxist economists have struggled with... are... nonsenses. If someone is that valuable, the market will make... sure... that person gets paid better... [W]hen progressive economists try to argue that there are some services that are essential, that are part of human rights... market economists... poo poo the idea. But now... the UK government is talking about key workers... the American government is talking about essential employees, and most of them are people who, in the market paradigm, were not very valuable... because these were people like—medical doctors are exceptions here—but... nurses... care home workers, people working in supermarkets, delivery people... people who have worked at very low wages, and therefore according to logical market economics... are not very valuable for society. But now we realize that without these people the society cannot be the same. We have also realized more broadly the importance of , unpaid care work and child care, household management, mostly done by women. These have been literally valued at zero because it's not marketed. Now we realize that without this care economy... product sector.., society cannot even exist...

So... even a relatively poor country can make this as an opportunity to upgrade its economy... I know that [in] the current situation [it] is... difficult to think about the future but... they really need to think... If you have been reliant on tourism heavily... If you're a island state there might be very little you can do but if you are some country... you will have to a) think about ways to make tourism safer... but b) more importantly you need to find a way to get out of tourism and start doing something else.

Britain and the US are not the homes of free trade; in fact, for a long time they were the most protectionist countries in the world. Not all countries have succeeded through protection and subsidies, but few have done so without them. For developing countries, free trade has a rarely been a matter of choice; it was often an imposition from outside, sometimes even through military power. Most of them did very poorly under free trade; they did much better when they used protection and subsidies. The best-performing economies have been those that opened up their economies selectively and gradually. Neo-liberal free-trade free-market policy claims to sacrifice equity for growth, but in fact it achieves neither; growth has slowed down in the past two and a half decades when markets were freed and borders opened.