The covid crisis might upend an international political economy that has nurtured global peace and prosperity since 1945 World wars, or global public safety emergencies, are opportunities to reshape the global political, economic, and social orders—for good or for ill.
As World War I broke out in 1914, governments everywhere ditched the gold standard, which had provided remarkable monetary stability over the previous century.
After the war, and then accelerating after the stock market crash that initiated the Great Depression in 1929, nations engaged in a mutually-ruinous trade war that shrank global trade and worsened the depression.