Over the past week, the coronavirus has gone from an Asian contagion with ripple effects on international supply chains to a global pandemic that will plunge the whole world into recession. Travel has been halted across the globe. Borders are shut. Hundreds of millions of people are in effective lockdown in the European Union, and the U.S. is heading in that direction. The crisis has erased trillions of dollars from global stock markets and imperiled the future of millions of small businesses around the world, along with the livelihoods of vast numbers of wage earners.

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