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

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Abstract

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.

Keywords: Coronavirus, Politics, Economics, Theory, Pandemic

Authors’ individual contribution: Conceptualization — R.I., E., and S.S.; Methodology — R.I., H., and S.S.; Software — R.D. and S.S.; Validation — R.I., E., and S.S.; Formal Analysis — R.I., E., H., and S.S.; Writing — Original Draft — R.I., E., and S.S.; Writing — Review & Editing — R.I., H., E., and R.D.; Supervision — R.I. and S.S.; Project Administration — R.I., E., R.D., and S.S.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: F6, M2

Received: 21.01.2023
Accepted: 14.08.2023
Published online: 16.08.2023

How to cite this paper: Islam R., Herlan, Elyta, Daud, R., Fakhrorazi, A., & Sultana, S. (2023). Analysis of the impact of COVID-19 on the global political economy. Corporate & Business Strategy Review, 4(3), 127–138. https://doi.org/10.22495/cbsrv4i3art13