The global economy will be shaped in the years ahead by three trends. The relationship between markets and the state will be rebalanced, in favour of the latter. This will be accompanied by a rebalancing between hyper-globalisation and national autonomy, also in favour of the latter. And our ambitions for economic growth will need to be scaled down.

There is nothing like a pandemic to highlight markets’ inadequacy in the face of collective-action problems and the importance of state capacity to respond to crises and protect people. The COVID-19 crisis has raised the volume on calls for univer...