Just came across this brilliant analysis from Costas Lapavitsas on the political economy of the COVID19 global crisis. Tl;dr, it's rooted in the response to the GFC, especially how governments stepped in to bail collapsed globalised financialised capitalism. Now they're doubling down on the same, notwithstanding the perception of some kind of socialism. Doesn't bode well.

https://www.jacobinmag.com/2020/03/coronavirus-pandemic-great-recession-neoliberalism