Dramatic Government intervention post-Covid-19 in the form of aggressive fiscal stimulus will herald the end of 40 years of so-called 'neo-liberalism', as well as the "entire history of orthodox financial thought back to Adam Smith", according to Baillie Gifford's James Anderson.
Governments have followed central banks in attempting to protect their economies and workers as the coronavirus pandemic has seen most economic activity cease as a result of worldwide lockdowns.
In the US, that support has totalled $2trn (£1.6trn), with Germany's adding up to €750bn (£645bn).
Many, including Anderson, expect the US's debt-to-GDP ratio to exceed 100% - a level not seen since the aftermath of World War II.
This led Anderson, manager of the £9.8bn Scottish Mortgage investment trust, to claim the era of ‘neo-liberalism - "or almost whatever you want to name this slippery creature that has dominated the last 40 years" - as "definitively over".
Meanwhile, he added, "we need to ponder if what is happening is essentially a practical refutation of the doctrines of the last 40 years but, also, if this doesn't seem too bold, of the entire history of orthodox financial thought back to Adam Smith".
In a blog post, Anderson wrote: "No democratic government, however free market in rhetoric or however financially conservative, has advocated a different path. Is there the ideology or the will or even the ability to row back from this position? There seems little sign that such exists.
"Is there any party that is going to campaign for election on the back of restoring public finances? [Angela Merkel's Christian Democratic Union] might be the closest to this position to watch, but even in Germany this seems a hazardous proposition to test."
In addition, the reaction from central banks, particularly the US Federal Reserve, has been "quite extraordinary", with Jerome Powell overseeing the expanding of its balance sheet by $1m per second, or $1.1trn in total.