During the pandemic, a new variant of capitalism has emerged | Larry Elliott

Spending is up. The world has been fighting a war against Covid, and in wartime the power of the state always increases

Over the past 18 months, the world has been amazed at how slippery an enemy Covid-19 has proved to be. The virus first detected in China at the end of 2019 has mutated on a regular basis. Vaccines need to evolve because the virus is changing to survive.

The shock to the global economy from the pandemic has been colossal, but things are now looking up - especially for advanced countries. Some are surprised by the pace of recovery, but they perhaps shouldn't be, because alongside new variants of the virus there has been a new variant of global capitalism.

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