It is difficult to maintain the fiction that central banks are not part of big government

The idea the state has been shrinking for 40 years is a myth

The ‘neoliberal’ era that began with Reagan and Thatcher has instead presided over ever-bigger government

Corporate bailouts have become standard procedure. Once reserved for single companies, bailouts were extended to an entire industry during the savings and loans crisis of the 80s and 90s. After 2008, they were extended to big banks and auto companies. 

During the pandemic, bailouts have been on offer to almost any company that applied.

Ruchir Sharma, Morgan Stanley Investment Management’s chief global strategist, is author of ‘The Ten Rules of Successful Nations’ FT 25 April 2021

https://www.ft.com/content/e4b2b28d-5697-4579-88cf-31f6228278e8