Why did coronavirus strike so fast and so hard? There was plenty of warning that a pandemic was inevitable, but when a new virus emerged in a wet market in the Chinese city of Wuhan, the world proved powerless to prevent it spreading. The finger has been pointed in various directions: a failure by the Chinese authorities to communicate, a sluggish response from the World Health Organisation, an ignorance of history, and what Ian Goldin, professor of globalisation and development at Oxford University, has termed the ‘Butterfly Defect’ of globalisation. In this episode, Professor Goldin explores what he sees as the complacency of governments and a declining commitment to multilateralism as reasons for the new pandemic and its unprecedented economic consequences. He hears from, among others, IMF managing director Kristalina Georgieva; the man who identified the Ebola virus, Peter Piot; and the historian Margaret MacMillan.