A net assessment from New Statesman is pretty bracing

"Why this crisis is a turning point in history," by John Gray

The era of peak globalisation is over. An economic system that relied on worldwide production and long supply chains is morphing into one that will be less interconnected. A way of life driven by unceasing mobility is shuddering to a stop. Our lives are going to be more physically constrained and more virtual than they were. A more fragmented world is coming into being that in some ways may be more resilient. ...

The task ahead is to build economies and societies that are more durable, and more humanly habitable, than those that were exposed to the anarchy of the global market.

[This] does not mean a shift to small-scale localism. Human numbers are too large for local self-sufficiency to be viable, and most of humankind is not willing to return to the small, closed communities of a more distant past. But the hyperglobalisation of the last few decades is not coming back either. The virus has exposed fatal weaknesses in the economic system that was patched up after the 2008 financial crisis. Liberal capitalism is bust.

With all its talk of freedom and choice, liberalism was in practice the experiment of dissolving traditional sources of social cohesion and political legitimacy and replacing them with the promise of rising material living standards. ...

The pandemic has abruptly accelerated geopolitical change.

In contrast, the advance of East Asia will surely continue. The most successful responses to the epidemic thus far have been in Taiwan, South Korea and Singapore. It is hard to believe their cultural traditions, which focus on collective well-being more than personal autonomy, have not played a role in their success. They have also resisted the cult of the minimal state. It will not be surprising if they adjust to de-globalisation better than many Western countries.

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Among others, quite a term, the era of "the minimal state."