Analysis of the impact of COVID-19 on the global political economy

The current COVID-19 pandemic has caused people all over the world to consider how each nation has responded to the outbreak. The effects of the COVID-19 pandemic have had a significant impact on the global political economy. It has been stated that the COVID-19 pandemic has altered the characteristics and environments of individuals across the planet (Lomperis, 2020). The aim of this paper is to focus on and analyse the impacts of the COVID-19 pandemic into three different theoretical perspectives on international political economy which are liberalism, structuralism, and mercantilism. This study employed qualitative research for the renowned three theories in international political economy. Data for this study came from already-published works on the political economy of the world. The methodology substantially drew from the body of prior research on the topic at hand. This research showed the correlation between the political and economic aspects of international political economy with the current situation. The theoretical framework and impacts of the COVID-19 pandemic on the world political economy have been discussed in this paper. The impact of the COVID-19 pandemic is more towards the economic sectors rather than politics. However, all leaders should be prepared to have a contingency plan to avoid their country’s getting worst.

[1]  Steven B. Kamin,et al.  The impact of the COVID-19 pandemic on global GDP growth , 2023, Journal of the Japanese and International Economies.

[2]  Anneke M. Sools,et al.  Covid-19 and the politics of hope: A comparative analysis of Greek and Ecuadorian letters from a desired post-pandemic future , 2023, Futures.

[3]  M. Nasir,et al.  Sovereign bonds and flight to safety: Implications of the COVID-19 crisis for sovereign debt markets in the G-7 and E-7 economies , 2023, International Review of Financial Analysis.

[4]  Guoxian Bao,et al.  Social implications of Covid-19: Its impact on general trust, political trust, and trust in physicians in China , 2022, Social Science & Medicine.

[5]  S. Hung,et al.  Framing the virus: The political, economic, biomedical and social understandings of the COVID-19 in Taiwan , 2022, Technological Forecasting and Social Change.

[6]  Giray Gozgor,et al.  Economic globalization convergence in high and low globalized developing economies: Implications for the post Covid-19 era , 2022, Economic Analysis and Policy.

[7]  Mingwei Lin,et al.  Bibliometric analysis for economy in COVID-19 pandemic , 2022, Heliyon.

[8]  F. Fouad,et al.  The politics of COVID-19 vaccine equity among refugee populations in Lebanon , 2022, Journal of Global Health Economics and Policy.

[9]  Martín Gonzalez-Eiras,et al.  The political economy of early COVID-19 interventions in US states , 2022, Journal of Economic Dynamics and Control.

[10]  T. Milfont,et al.  Socio-political efficacy explains increase in New Zealanders’ pro-environmental attitudes due to COVID-19 , 2021, Journal of Environmental Psychology.

[11]  Weng Marc Lim,et al.  How to conduct a bibliometric analysis: An overview and guidelines , 2021 .

[12]  H. Larson,et al.  The politics of Covid-19 vaccine confidence , 2021, Current Opinion in Immunology.

[13]  I. Pop.  COVID-19 crisis, voters’ drivers, and financial markets consequences on US presidential election and global economy , 2021, Finance Research Letters.

[14]  Carlos Larrinaga,et al.  An ecological critique of accounting: The circular economy and COVID-19 , 2021, Critical Perspectives on Accounting.

[15]  C. G. Chidume,et al.  State Fragility and Covid-19 pandemic: Implications on the political economy of Nigeria , 2021, Social Sciences & Humanities Open.

[16]  Lindsay Y. Dhanani,et al.  Why public health framing matters: An experimental study of the effects of COVID-19 framing on prejudice and xenophobia in the United States. , 2020, Social science & medicine.

[17]  Mike Tennant,et al.  The Circular Economy and human needs satisfaction: Promising the radical, delivering the familiar , 2020 .

[18]  L. Steg,et al.  Insights from early COVID-19 responses about promoting sustainable action , 2020, Nature Sustainability.

[19]  Carlo Fezzi,et al.  Real-Time Estimation of the Short-Run Impact of COVID-19 on Economic Activity Using Electricity Market Data , 2020, Environmental and Resource Economics.

[20]  Cosmin-Octavian Cepoi.  Asymmetric dependence between stock market returns and news during COVID-19 financial turmoil , 2020, Finance Research Letters.

[21]  Zoë B. Cullen,et al.  The impact of COVID-19 on small business outcomes and expectations , 2020, Proceedings of the National Academy of Sciences.

[22]  Sittichai Tantipasawasin.  Coronavirus disease (COVID-19) Pandemic , 2020 .

[23]  D. Balog-Way,et al.  COVID-19: Reflections on trust, tradeoffs, and preparedness , 2020, Journal of Risk Research.

[24]  Prasenjit Maity,et al.  COVID-19 outbreak: Migration, effects on society, global environment and prevention , 2020, Science of The Total Environment.

[25]  Jonathan I. Dingel,et al.  How many jobs can be done at home?☆ , 2020, Journal of Public Economics.

[26]  Novel Coronavirus Pneumonia Emergency Response Epidemiol Team.  [The epidemiological characteristics of an outbreak of 2019 novel coronavirus diseases (COVID-19) in China]. , 2020, Zhonghua liu xing bing xue za zhi = Zhonghua liuxingbingxue zazhi.

[27]  Y. Hu,et al.  Clinical features of patients infected with 2019 novel coronavirus in Wuhan, China , 2020, The Lancet.

[28]  Giray Gozgor,et al.  Globalization and Taxation: Theory and Evidence , 2019, European Journal of Political Economy.

[29]  OECD Economic Outlook, Interim Report March 2021 , 2019, OECD Economic Outlook.

[30]  M. Lindroth,et al.  Politics of hope , 2019, The Routledge Handbook of Transformative Global Studies.

[31]  P. Cerny,et al.  International political economy , 2006, China International Strategy Review.

[32]  William W. Newmann.  A Brief Introduction to Theories of International Political Economy , 2016 .

[33]  Chris Farrands,et al.  International Political Economy in the 21st Century: Contemporary Issues and Analyses , 2010 .

[34]  Michael G. Papaioannou,et al.  Determinants of Emerging Market Sovereign Bond Spreads , 2010 .

[35]  P. Titlestad.  Liberalism , 2010 .

[36]  Paul D’Anieri.  International Politics: Power and Purpose in Global Affairs , 2009 .

[37]  R. Dale.  The Politics of Hope , 1973, African Studies Review.

[38]  D. G. Hays.  Dependency Theory: A Formalism and Some Observations , 1964 .

[39]  China Cdc Weekly.  The Epidemiological Characteristics of an Outbreak of 2019 Novel Coronavirus Diseases (COVID-19) — China, 2020 , 2020, China CDC weekly.

[40]  Martin A. Weiss,et al.  Global Economic Effects of COVID-19 , 2020 .

[41]  中国疾病预防控制中心新型冠状病毒肺炎应急响应机制流行病学组.  The Novel Coronavirus Pneumonia Emergency Response Epidemiology Team. The epidemiological characteristics of an outbreak of 2019 novel coronavirus diseases (COVID-19) in China./ 新型冠状病毒肺炎流行病学特征分析 , 2020 .

[42]  A. A. Alves.  Global Political Economy) , 2014 .