COVID-19 AND CHALLENGES TO ECONOMIC MODELS AND POLITICAL REGIMES

Yıl 2021, Cilt: 4 Sayı: 1, 98 - 115, 20.06.2021

Huzaifa Shaikh Osama Shaikh

Öz

The Covid-19 pandemic has unfolded at a time when different countries with different economic & political structures were moving towards their already set challenging goals. The vast hit of the pandemic not only left major advanced economies unconscious of the solution but also obliterated the very pace of developing nations. The decisive parameter in dealing with the contagion has irrefutably been the different forms of economies and regimes. This essay is divided into three parts. In first, we thoroughly discuss the effect of the contagion on capitalistic and socialistic economies distinctly. In second, we estimate and analyze the effects of Lockdown 2020 on the South Asian Countries’ economy and compare the Lockdown 2020 economic crisis with the Global Financial Crisis of 2008. Along the same lines, we also estimate, analyze, and discuss the current and future economic trends in South Asian countries during Lockdown 2020. Moreover, this essay also unfolds the preparedness and reaction of different economies and critically analyze the remedial measures such as bailout packages, taken by various developed and developing countries to minimize the economic toll due to covid-19 pandemic. However, in the third section, we critically evaluate the relationship between the Coronavirus and different regimes and the responses of different governances specifically, democratic, and authoritarian to the covid-19 pandemic.

Anahtar Kelimeler

Covid-19, Capitalism, Socialism, Democracy, Authoritarianism, Economic Growth

Destekleyen Kurum

Ankara Yildirim Beyazit University

Proje Numarası

3

Teşekkür

Dear Editor, I hope you are doing well. I am writing this description about the research article on Covid-19 which I am submitting it in your Journal. If there is any suggestions or corrections your expertise want to add or remove into my research, I would be glad to oblige. Thanking You

COVID-19 VE EKONOMİK MODELLERE VE SİYASİ REJİMLERE KARŞI ZORLUKLAR

Öz

Covid-19 salgını, farklı ekonomik ve siyasi yapılara sahip farklı ülkelerin zaten belirlenmiş zorlu hedeflerine doğru ilerlediği bir dönemde ortaya çıktı. Salgının büyük darbesi sadece
büyük gelişmiş ekonomileri çözüm konusunda bilinçsiz bırakmakla kalmadı, aynı zamanda gelişmekte olan ülkelerin hızını da yok etti. Bulaşıcılıkla başa çıkmada belirleyici parametre,
ekonomilerin ve rejimlerin farklı biçimleri olmuştur. Bu makale üç bölüme ayrılmıştır. İlk olarak, bulaşıcılığın kapitalist ve sosyalist ekonomiler üzerindeki etkisini açıkça tartışıyoruz.
İkinci olarak, Lockdown 2020'nin Güney Asya Ülkeleri ekonomisi üzerindeki etkilerini tahmin ediyor ve analiz ediyor ve Lockdown 2020 ekonomik krizini 2008 Küresel Finansal Krizi ile karşılaştırıyoruz. Aynı hatlar boyunca, Lockdown 2020 sırasında Güney Asya ülkelerindeki mevcut ve gelecekteki ekonomik eğilimleri de tahmin ediyor, analiz ediyor ve tartışıyoruz. Dahası, bu makale aynı zamanda farklı ekonomilerin hazırlığını ve tepkisini ortaya çıkarmak ve covid-19 salgını nedeniyle ekonomik bedeli en aza indirmek için çeşitli gelişmiş ve gelişmekte olan ülkeler tarafından alınan kurtarma paketleri gibi iyileştirici önlemleri eleştirel bir şekilde analiz ediyor. Bununla birlikte, üçüncü bölümde, Koronavirüs ve farklı rejimler arasındaki ilişkiyi ve farklı yönetimlerin covid-19 salgınına özellikle, demokratik ve otoriter tepkilerini eleştirel olarak değerlendiriyoruz.

Anahtar Kelimeler

COVID-19, kapitalizm, sosyalizm, demokrasi, otoroterlik, ekonomik büyüme, küresel finansal kriz, güney asya

Proje Numarası

3

Kaynakça

• Adams, V. (2020, March 26). Somatosphere. Retrieved July 23, 2020, from Disasters and capitalism…and COVID-19.: http://somatosphere.net/2020/disaster-capitalism-covid19.html/
• BBC. (2020, MARCH 23). Retrieved from Global economy will suffer for years to come, says OECD: https://www.bbc.com/news/business-52000219
• BBC. (2020, March 30). Retrieved July 22, 2020, from Coronavirus: Trump signs into law largest bailout in US history: https://www.bbc.com/news/world-us-canada-52070718
• BLS. (2012, February). Retrieved August 05, 2020, from The Recession of 2007–2009: https://www.bls.gov/spotlight/2012/recession/pdf/recession_bls_spotlight.pdf
• Casselman, B. ( 2020, July 30). A Collapse That Wiped Out 5 Years of Growth, With No Bounce in Sight. Retrieved from The New York Times: https://www.nytimes.com/2020/07/30/business/economy/q2-gdp-coronavirus-economy.html?auth=login-google
• Chan, S. P. (2020, March 23). BBC. Retrieved July 22, 2020, from Global economy will suffer for years to come, says OECD: https://www.bbc.com/news/business-52000219#:~:text=The%20world%20will%20take%20years,bigger%20than%20the%20financial%20crisis.
• Collington, R. (2020). Denmark is helping those who can't work due to coronavirus – why isn't the UK? Retrieved from The Guardian: https://www.theguardian.com/commentisfree/2020/mar/18/denmark-coronavirus-uk-government-workers-employees
• Cosgrove, L., Karter, J. M., Morrill, Z., & McGinley, M. (2020). Psychology and Surveillance Capitalism: The Risk of Pushing Mental Health Apps During the COVID-19 Pandemic. Journal of Humanistic Psychology, 15.
• DW. (2020). Retrieved from Coronavirus shock vs. global financial crisis — the worse economic disaster?: https://www.dw.com/en/coronavirus-shock-vs-global-financial-crisis-the-worse-economic-disaster/a-52802211
• Faneli, C., & Whiteside, H. (2020). COVID-19, Capitalism and Contagion. Alternate Routes: A Journal of Critical Social Research.
• Frey, C. B., Chen, C., & Presidente, G. (2020). Democracy, Culture and Contagion: Political Regimes and Countries Responsiveness to Covid-19. Oxford Martin School, Oxford University, 20.
• Gebrekidan, S. (2020, march 30). For Autocrats, and Others, Coronavirus Is a Chance to Grab Even More Power. Retrieved from The new york times: https://www.nytimes.com/2020/03/30/world/europe/coronavirus-governments-power.html
• Gorodnichenko, & Roland. (2017). Culture, Institutions and Wealth of Nations. Review of Economics and Statistics.
• Gorodnichenko, Y., & Roland, G. (2011). Which dimensions of culture matter for long-run growth? American Eonomic Review.
• Gorodnichenko, Y., & Roland, G. (2015, May 14). Are there cultural obstacles to democratisation? Retrieved from VOXEU: https://voxeu.org/article/role-culture-democratisation
• Jo, E. A. (2020, April 13). South Korea’s Experiment in Pandemic Surveillance. Retrieved from The Diplomat: https://thediplomat.com/2020/04/south-koreas-experiment-in-pandemic-surveillance/
• Klein, N. (2007, October). Disaster Capitalism: The new economy of catastrophe”. Harper’s Magazine.
• Kuo, L. (2020, March 9). How did China get to Grips with its Coronavirus Outbreak? Retrieved from The Guardian: https://amp-theguardian-com.cdn.ampproject.org/v/s/amp.theguardian.com/world/2020/mar/09/how-did-china-get-grips-with-coronavirus-outbreak?usqp=mq331AQQKAGYAdygl8KP8OqvSLABIA%3D%3D&amp_js_v=0.1#referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2F
• Li, Q. (2009). Democracy, Autocracy, and Expropriation of Foreign Direct Investment. Sage Journals.
• Michael, D., & Juan, S. (2020, March 23). Responding to COVID-19 Through Socialist(ic) Measures: A Preliminary Review. Retrieved from SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3559398
• MPO. (2020). Retrieved from Macro Poverty Outlook World Bank: https://www.worldbank.org/en/publication/macro-poverty-outlook#sec4
• Mudde, C. (2020, March 27). Will the coronavirus 'kill populism'? Don't count on it. Retrieved from The Guardian: https://amp-theguardian-com.cdn.ampproject.org/v/s/amp.theguardian.com/commentisfree/2020/mar/27/coronavirus-populism-trump-politics-response?usqp=mq331AQFKAGwASA%3D&amp_js_v=0.1#aoh=15970027930400&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%
• OECD. (2010). Global economic crisis: GDP growth. In Measuring Globalisation: OECD Economic. Paris: OECD Publishing.
• Pitlik, H., & Rode, M. (2017). Individualistic values, institutional trust, and interventionist attitude. Journal of Institutional Economics.
• Roth, K. (2020). How authoritarians are exploiting the COVID-19 Crisis to grab Power. New York: The New York Review of Books.
• The Economic Times. (2020, May 15). Retrieved July 22, 2020, from India's Rs 20 lakh crore Covid relief package one among the largest in the world: https://economictimes.indiatimes.com/news/economy/finance/latest-stimulus-package-among-largest-in-the-world/articleshow/75701976.cms
• The Economist. (2020, July 21). Retrieved July 22, 2020, from EU leaders agree on a massive, €750bn covid-19 recovery deal: https://www.economist.com/europe/2020/07/21/eu-leaders-agree-on-a-massive-eu750bn-covid-19-recovery-deal
• The Economist. (2020, July 25). Retrieved August 19, 2020, from The covid-19 pandemic is forcing a rethink in macroeconomics: https://www.economist.com/briefing/2020/07/25/the-covid-19-pandemic-is-forcing-a-rethink-in-macroeconomics
• Wang, A. (2020, May 23). Authoritarianism in the Time of COVID. Retrieved from Harvard International Review: https://hir.harvard.edu/covid-authoritarianism/
• WHO. (2020, November 02). Retrieved from WHO Coronavirus Disease (COVID-19) Dashboard: https://covid19.who.int/
• World Bank. (2020, June). Retrieved from Global Economic Prospects: http://pubdocs.worldbank.org/en/400631588785001198/Global-Economic-Prospects-June-2020-GDP-growth-data.xlsx
• Žižek, S. (2020, March 18). Is Barbarism with a Human Face Our Fate? Retrieved July 24, 2020, from Criticalinquiry: https://critinq.wordpress.com/2020/03/18/is-barbarism-with-a-human-face-our-fate/