Corporate & Business Strategy Review / Volume 4, Issue 3, 2023

ANALYSIS OF THE IMPACT OF

COVID-19 ON THE GLOBAL
POLITICAL ECONOMY
Rabiul Islam *, Herlan **, Elyta **,
Restuardy Daud ***, Ahmad Fakhrorazi ****, Sabina Sultana ****
* Corresponding author, Universiti Utara Malaysia, Sintok, Kedah, Malaysia
Contact details: University Utara Malaysia, 06010 Sintok Kedah Darul Aman, Malaysia
** Universitas Tanjungpura, Pontianak, Indonesia
*** Institut Pemerintahan Dalam Negeri, Sumedang, Indonesia
**** Universiti Utara Malaysia, Sintok, Kedah, Malaysia

Abstract

How to cite this paper: Islam R., Herlan, The current COVID-19 pandemic has caused people all over
Elyta, Daud, R., Fakhrorazi, A., & Sultana, S. the world to consider how each nation has responded to
(2023). Analysis of the impact of COVID-19
on the global political economy. Corporate the outbreak. The effects of the COVID-19 pandemic have had
& Business Strategy Review, 4(3), 127–138. a significant impact on the global political economy. It has been
https://doi.org/10.22495/cbsrv4i3art13 stated that the COVID-19 pandemic has altered the characteristics
Copyright © 2023 The Authors
and environments of individuals across the planet (Lomperis,
2020). The aim of this paper is to focus on and analyse the impacts
This work is licensed under a Creative of the COVID-19 pandemic into three different theoretical
Commons Attribution 4.0 International perspectives on international political economy which are
License (CC BY 4.0).
https://creativecommons.org/licenses/by liberalism, structuralism, and mercantilism. This study employed
/4.0/ qualitative research for the renowned three theories in
international political economy. Data for this study came from
ISSN Online: 2708-4965
ISSN Print: 2708-9924
already-published works on the political economy of the world.
The methodology substantially drew from the body of prior
Received: 21.01.2023 research on the topic at hand. This research showed the correlation
Accepted: 14.08.2023
between the political and economic aspects of international
JEL Classification: F6, M2 political economy with the current situation. The theoretical
DOI: 10.22495/cbsrv4i3art13 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.

1. INTRODUCTION characterization and test method development.

The name COVID-19 pandemic comes from
The origins of the coronavirus pandemic or 2019-nCoV, the virus is distinct from SARS-CoV and
commonly known as COVID-19 pandemic are from MERS-CoV but distantly linked (TNCPERET, 2020).
China but the causes are still not clear and remain The virus has been detected to be easily spread
unknown for now. The causative pathogen was between people, especially through influenza.
defined as a novel coronavirus, followed by genomic The most common symptoms that can be

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recognized if someone is infected when the person December 1, 2019. Since the trace of the first report,
catch fever, dry cough, sore throat, and many others. the outbreak started to be seen as an unexpected
This symptom usually will be appeared between event as the virus spread worldwide and it took
14 days after they get infected. Persons who are ages almost over half of the year 2020 for each country to
or children have a higher chance and risk to get overcome the first wave of this pandemic.
infected with this COVID-19 pandemic. It is advised The pandemic started to become worst in mid-2020
to seek medical help quickly before getting worse as with the majority of countries might entering
the antidote still could not be found yet by any the second wave of virus. Therefore, the pandemic
scientist (Balog-Way & McComas, 2020). has given impacts on the global political economy of
Coronavirus is known as ―COVID-19, ‗CO‘ every country.
stands for ‗corona,‘ ‗VI‘ for ‗virus,‘ and ‗D‘ for On February 11, 2020, the WHO finally
disease, and 19 represents the year of its confirmed it will be named the COVID-19 pandemic
occurrence. Coronavirus is a single-stranded RNA after the disease caused by the novel coronavirus.
virus with a diameter ranging from 80 to 120nm‖. The name was chosen according to the guidelines to
In December 2019, in Wuhan Province, China, prevent inconsistency and prejudice and thus did
the first modern COVID-19 pandemic was reported, not contribute to the geographical, species, person,
and most initial claims have been attributed to or group of people. January 29, 2020, in the context
the origin of infection from a seafood wholesale of COVID-19 pandemic deterrence, the WHO
market (Huang et al., 2020). New outbreaks of published relevant factors for the confinement of
coronavirus that began in Wuhan, China transform individuals, this defined that a person really should
into a global pandemic where is over 50 countries be sequestered and the necessary confinement
have confirmed the cases. It was in the era after requirements to prevent potential risk of
the Black Death in Europe that the ―decline of transmission that can happen. On March 7, 2020,
the Middle Ages‖ turned out to be the culmination of the cases already reached 100000 worldwide, and
Universalist culture. According to one historian, because of that, the WHO released a report
the COVID-19 pandemic outbreak may have brought advocating for intervention to deter, capture,
about major global, where it will have historically monitor, postpone, and reduce the virus effects at
important changes (Bellas et al., 2010; Bartik any opportunity. On April 16, 2020, the WHO
et al., 2020). provide advice on issues in modifying public health
The coronavirus pandemic presents the largest and social policies such as limits on a large-scale
test of the global political economy the world has movement, widely known as ―lockdowns‖. On
ever witnessed especially for every head of state and May 10, 2020, the WHO draws on prior guidelines on
head of government. Every leader will react and act event and cluster inquiries, the WHO provide
differently as the capacity, equipment, and preliminary guidelines on contact tracking. Lastly,
limitation of each nation is also different. According on June 16, 2020, the WHO finally announced
to the World Health Organization (WHO), the guidelines on how to use masks properly
coronavirus is an infectious disease caused by a (WHO, 2020).
train type of virus that cause respiratory infections. The impacts of the virus outbreak can be seen
The outbreak of the coronavirus pandemic in in three theory perspectives in international political
Wuhan, China since December 2019 widely spread to economy which are liberalism, structuralism, and
many other countries. mercantilism. In general, the international political
Our world thought that 2020 will be a new economy is the process that involves political and
beginning after a decade however it turned out not economic factors at the international level.
a good starter for a new year. Which is the world was According to Eckhardt (2016), politics can be defined
shocked by China government had a new disease as the total set of institutions and rules that govern
that been viral pneumonia in Wuhan, Hubei the social and economic interactions while
province, China. This virus was only thought to be the economy is the system by which the production,
spread locally in China however the virus is consumption, distribution of goods and services and
unfortunately being spread out all around the world the supply of money is organised. The process
by humans as a carrier. This outbreak is giving of the politics and economy can be into two
a huge impact on politics and the economy not only conditions. The first condition is on how politics
locally, but it does affect regional and international constrains the economic choices whether the policy
levels. This was the worst pandemic after Spanish set up are the choices from government, actors, or
Flu in the year 1918 until 1920. The Spanish Flu social groups while the second condition is how
known as influenza caused massive death with the economic factor can force and motivate
number of 500 million people. This COVID-19 the political choices such as from the vote of
pandemic impact on the economy is crippling individuals, from political lobbying, government‘s
the country‘s economic revenue due to internal or external policies (Cepoi, 2020).
the lockdowns implemented by the country, and new As this virus rapidly spread to other countries
policies such as closed borders where there is no worldwide, this pandemic has become a global
in-and-out activity in local and international borders. threat to each country. This is because the pandemic
That is why the government took emergency action has made a country to have slower progress in their
to circulate the economy in the country only which economy especially when the concerns were in
is a closed-door policy that had been implemented the international political economy aspects.
for a moment (Bouman et al. 2021). The pandemic has caused an economic impact on
The COVID-19 pandemic has given a major countries around the world as people were asked to
impact on every single country in the world. be at home for a few weeks and some countries need
The coronavirus disease 2019 (COVID-19) was first to extend the restrictions for more than one month
identified in the Wuhan market, China on to protect the people, economy sectors are closed

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such as the aviation industry because of travel bans, In international political economy, there are
cancelling of sports industry such as Olympics three main theoretical perspectives. The three main
Tokyo 2020 and prohibition of mass gatherings that theoretical perspectives are mercantilism,
affect the events and entertainment industries structuralism, and liberalism. These three main
(Horowitz, 2020). theories had been used as pillars in international
The current COVID-19 pandemic has made political economy. These theories provide various
the world look upon the impacts of each country in ways for academics and policymakers to address
overcoming the outbreak. The impacts of these concerns but also allow assessment of how
the COVID-19 pandemic have made a major view well those theories work. The most essential factor
on the international political economy. Therefore, of theory is the model, the concept of how things
the focus of this paper is to analyse the impacts of work in the world. They are analytical instruments.
the COVID-19 pandemic from three different Inconsistencies can be found in theories and factors
theoretical perspectives. From this problem which make little sense. The universe is much more
statement, this research could answer all these complicated than ever possible, the theory-critical
questions to show the correlation between the and the theory-sceptical.
political and economic aspects of international
political economy with the current situation. 2.1. Mercantilism theory
The current COVID-19 pandemic has made
the world look upon the impacts of each country in The definition of mercantilism is an economic
overcoming the outbreak. The impacts of theory that states prosperity depends on the amount
the COVID-19 pandemic have made a major view of wealth that they accumulate by exporting more
on the international political economy. Therefore, than importing. During the 16th–18th centuries;
the focus of this research is to analyse the impacts mercantilism was followed by the imperial power to
of the COVID-19 pandemic from three different benefit the economy which means more money.
theoretical perspectives. From this problem Mercantilism is the first theory of international
statement, this research could answer all these political economy that emerged in the modern era.
questions to show the correlation between The goal of mercantilism theory is to increase
the political and economic aspects of international a nation‘s wealth and power by imposing
political economy with the current situation. government regulation. Mercantilists are concerned
Basically, this research will attempt to answer about the dominance of national interest in
the research questions: the economic policy, the central role of the state in
RQ1: What is the theoretical framework of three directing economic activity and the importance of
perspectives in international political economy? creating a favourable trade balance to promote
RQ2: What are the impacts of the COVID-19 growth and prosperity (Falkner, 2011).
pandemic on international political economy based According to Lomperis (2020), the COVID-19
on the three theoretical perspectives? pandemic has changed the feature and landscapes of
To fulfil of this paper aims to analyse the people in every world. The pandemic has shown
the impacts of the COVID-19 pandemic on the that a country will be shifting the economic path
international political economy that consists of three from the capitalism of interdependent free trade to
theoretical perspectives. Specifically, the objectives the mercantilism of independent economic
of this research are: 1) to examine the three nationalism. Since the outbreak, the economic
theoretical frameworks in international political downturn can be seen as people are told to stay at
economy, and 2) to analyse the impacts of home for the time being almost eight weeks and
the COVID-19 pandemic on three perspectives of some other countries need to extend the curfew
international political economy. because of the rising number of coronavirus cases.
The structure of this paper is as follows. Based on mercantilism perspectives, mercantilists‘
Section 1 highlights the impact of the COVID-19 goal is for the economy to achieve a trade surplus to
pandemic on the global political economy in preserve the nation‘s economic independence and
a broader context. Section 2 reviews the literature on political sovereignty. Most mercantilism countries
the conceptual framework of global political apply the concept of a zero-sum game. Thus,
economy. Section 3 explains the methodology used the COVID-19 pandemic has given an impact on
and the rationale behind the methods. Section 4 the country as the major contribution to the
concludes the analysis, and Section 5 provides mercantilism economy is through export-oriented
a discussion. Section 6, which includes implications, growth. The unexpected event that occurs almost
real-world implications, and suggestions for future over half of the year 2020 has shown a decline in
research, concludes. economic growth and development (Chidume
et al., 2021).
2. LITERATURE REVIEW Mercantilism is an international political
economy one of the perspectives that accounts for
The most important component of restraint is for the nation-state‘s motivation to accumulate wealth
those who studied economics in business school and power to enhance its independence and national
may have been educated that now the economy is security. Mercantilism also exists since the 16th
not influenced by political influences; however, you century by a scholar Adam Smith. The main goal of
will get a different point of view in the political mercantilism was to increase a nation‘s wealth and
science class. Politics plays an important role in power by imposing government regulation to
economic life from this point of view and in promote the nation‘s commercial interests by
the international political economy, a person will maximizing exports and limiting imports. It is also
understand how politics affects economic relations in contrast to the principle of free trade which
between and within the country. maintains that economic well-being can only be

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increased by tariff cuts and fair free trade (Pettinger, and Vladimir Lenin. Structuralism theory is also
2019). Mercantilism also involves the accretion of known as communism, Leninism, and Marxism. Marx
foreign currency reserves, including stocks of gold and Engels, explain the nation in the structuralism
and silver. In the 16th century, many had assumed era during the industrial revolution when
the acquisition of gold reserves and many of them manufacturing activities are booming, people are
are still using gold bars as their trading services working in the factories and rapid urbanization had
(Clube & Tennat, 2020). begun. Therefore, Marx and Engels divided
Mercantilism works by one country which is the people into two classes which are the owners
known as a ―Mother country‖ Normally a hugely and workers the term introduced by Marx and
powerful country such as England go travel all Engels for those two classes are the rich bourgeoise
around the world and started to colonise the small and poor proletariat or the haves and have-nots.
country that is rich with natural resources such as The owners have everything such as the power and
sugar, tobacco, silver, and gold. All these natural money to invest and exploit while the workers are
resources were sent back to the mother country to those who do not have the power and capital but do
be manufactured or processed as the end products the entire job for the owners (Donthu et al., 2021).
such as textiles, and rum, then to be sold back to Structuralism theory can be divided into two
the colonised country. One of the proofs that categories of classes in the economic society.
mercantilism exist is ―The Navigation Acts The Marxism theory complies with the utilisation of
Enforcement Mercantilism‖ by England. a surplus value extraction tactic (D‘Anieri, 2014).
The function of mercantilism is to increase The first category is the rich classes or aristocrats
national power by accumulating wealth for them to that become richer through the exploitation of
gain power for national security which includes the poor in the modes of production (Ravenhill,
the economy and also the military. However, for 2017). In order to maximize the capital, the aristocrats
these purposes, the huge power wanted to take over will concentrate on growing the labour force of
control of the colony‘s country. Because back then the poor, lowering the wages of the poor class raises
the more wealth and power to control the world. Yet an ethical concern about labour treatment which
the economy also is a subsector of politics. There result in the input to wage or capital imbalances.
are two types of mercantilism, the first one is Structuralism theory shows that the concept of
classical mercantilism where the newly emerging structuralism provides the rich classes with
nation-states faced the problem of using their an advantage in terms of getting high-profit margins
economies to achieve wealth and power for the sake with low costs in production. Therefore, Marxism
of national security. The government also sees the capitalist system and rich classes are
introduced policies to generate export and dependent on the labour force to obtain
restrictions on imports and colonialism started to the lucrative interest and growth of their economy.
control the trade (Dhanani & Franz, 2021). Structuralism is an international political
For neomercantilism, the policy introduced by economy theory that refers to the political and
the government is to encourage exports more, economic relations between the institutions of
discourage imports for them to control the capital a particular group. There are three main figures in
movement, and centralized the currency decision in structuralism. Communism was a form of
the hand of the central government. The mechanism government that was initially supported by Marx and
that is being used in neomercantilism is under Engels. Lenin‘s theory of colonialism was the basis
evaluation of currency, government subsidy of for the continuous study of relations between
the industry for an unfair advantage, a surge of the third world and capitalist countries. Marx claims
protectionist sentiment, and copyright theft. that power is embedded in the possession of capital
The relationship between economy and politics is in in production means in production, which
terms of politics, economy is subordinate to politics. determines the relationship between the various
While states use their power in order for them to classes in a country. Lenin viewed imperialism as
gain benefits. Meanwhile, for the country, the required degree of capitalism, the hegemony of
mercantilism suggested that it is in the best industrialized countries over-dependent colonial
country‘s interest to maintain a trade surplus land. Viewpoint allows us to examine problems,
through advocates the government intervention. concerns, and incidents that can be overlooked if we
Back in the 16th–18th-century mercantilism is
confine ourselves to an independent or liberal
the oldest and most powerful international political
viewpoint (Fezzi & Fanghella, 2021).
economy approach based on its attention to political
Since the early years of the 20th century to
and economic security where the main content of
the beginning of the Great War, a new philosophic
mercantilism is a zero-sum game and trade surplus
current emerged from the difficulties of positivism
(Dingel & Neiman, 2020).
associated with social sciences. Karl Marx is one of
the most influential figures and best known not as
2.2. Structuralism theory a philosopher but as a revolutionary in the history of
political economy. Since the fall of communism in
The definition of structuralism is an economic Russia and Eastern Europe, it is tempting to assume
strength-based philosophy that allows wealth that Marx is dead and to move on to other, simpler
distribution. Structuralism also contains elements pursuits but the idea that comes from Karl Marx is
critical to the capitalist economic system. Karl Marx remain today. His writings have many points of
and Vladimir Lenin were the two key proponents of contact with contemporary philosophical discourse,
structuralism. Karl Marx was the first great thinker particularly in the philosophy of history and the
to pioneer the political-economic structure theory. social sciences, as well as in moral and political
Structuralism theory was developed in philosophy (Wolff & Leopold, 2021).
the mid-19th century by Karl Marx, Friedrich Engels,

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In historical materialism, Karl Marx is based on Meanwhile, according to Meiser (2018),

the belief that structures of culture rise and fall as liberalism is defining the character of western
they proceed and impede the creation of human democracy, demonstrated by the use of the word
productive capacity. This is also a cycle that liberal democracy as a way of identifying countries
required a sequence of modes of production, with free and fair elections, the rule of law and
marked by class struggle, culminating in the defence of civil liberties. It is also containing
communism (Wolff & Leopold, 2021). His economic a lot of concepts and arguments on how
perspectives and analysis of capitalism or the institutions, behaviours, and economic relations.
structuralism are based on his interpretation of Aside from that, liberalism is based on
the labour theory value, which involves the study the philosophical principle that maintaining
of the capitalist benefit as the exploitation of a person‘s right to life, liberty and property is
surplus value from the impoverished proletariat. the ultimate objective of government. As a result,
The study of history and economics falls together in the liberals emphasize the well-being of the citizen
his prediction of the imminent economic breakdown as the fundamental building block of a just political
of capitalism to be replaced by communism. Yet Karl system. A political system characterized by arbitrary
Marx declines to comment in-depth on the essence
power, such as a monarchy or a dictatorship, cannot
of communism, arguing that it must emerge by
secure the lives and freedoms of its people.
historical mechanisms. History also had shaped
Liberalism theory was introduced by Adam
by the economic forces which they need to face
Smith in The Wealth of Nations in 1776.
the class struggle that has always existed (Gagnon
The liberalism theory is often called Laissez-faire
et al., 2023).
liberalism, internationalism, or globalism. The key to
national wealth in economic liberalism is
2.3. Liberalism theory the national power of a state. The approach or key
assumption for economic growth in liberalism is
Liberalism generally means ―freedom under the law‖.
through free trade in which the process of free trade
Liberalism focuses on the side of human nature,
involves the flow of goods and services as well as
which is constructively competitive and guided by
investment across the borders and international
reason, not emotion. In contrast to the views of
level (Gross et al., 2023). The free trade activity
mercantilists on the side of human nature who are
process involves nations as a process to expand
more aggressive, warlike, and a bit suspicious.
the economy with minimal government intervention.
In terms of politics from the view of liberals usually
When there is minimal intervention from
agree that government is important to protect
the government, production will be higher, and more
people from being harmed by others, but also
export activity can be done with a minimum number
understand that the government itself may pose
of imported goods and services into a country.
a threat to freedom.
According to Ravenhill (2017), he expressed that
Now it has come to the last theoretical
liberalist focuses on the behaviour of an individual‘s
perspective which is liberalism in the international
either entities of corporations or interest groups as
political economy. In many ways, liberalism is
contributing actors towards the interests of states.
the dominant ideology of Western society. It could
Liberals believe that individuals have
be claimed that it is not just an ideology but is
the capability to overcome problems through
the ideology for all mankind, a fundamental truth
cooperation with other institutions (Smith, 2014).
that is not culturally specific to the West but is of
Liberalists use democratic rights to pursue free,
global value. Indeed, with the collapse of the Soviet
rational decisions that will maximize economic
Union in 1991 and the adoption of elements of
interests with the absence of state control.
liberal capitalism in most countries, some liberals
Therefore, liberalism theory offers the liberalist
were moved to declare that liberalism and liberal
a free movement and activity in the economy of
values were now the only future for mankind‘s
production and consumption as the capitalist
development (Harrison & Boyd, 2018).
system is based on equality. The economic interest
Fundamental was a belief in the right to
and economics of liberals show that liberalists
representation and a democratic government that
support equality, free trade for the demand and
integrated the notion of balance between
supply chains, open markets, and the movements of
the different branches of government which is
profit and labour for economic prosperity. Thus,
legislature, executive, and judiciary. Liberalism also
the liberalist perspective promotes globalization and
contrasts with the mercantilism view that is more
market integration at the domestic and international
hostile, combative, and cynical on the side of human
levels.
nature. This also had been introduced and led by
In liberalism theory, liberalists believe that
Francois Quesnay a French man that condemned
cooperation is the key to economic gain in
the government interference. The most famous
the international political economy. This is because
motto is that ―laissez-faire‖ means let it be or leave
through the network and relationship with
it alone. It is also a term used to describe
international organizations, institutions, and states
the political and ideological belief dominant in
can mutually benefit from the economic exchange.
Britain during the 19th century that the state or
In liberal‘s view, it does not matter if some state to
government has no active role in running
gain more or less than others if the state‘s wealth
the economy or solving social problems. The French
increases. Therefore, the most important goal of
Revolution in 1789 has an influence on the progress
economic policy for Liberalism theory is to create
and development of liberalism by introducing
a maximum total wealth. The image of
a stronger, more radical dimension into its core
the international economic system of liberalism
(Gonzalez-Eiras & Niepelt, 2022).

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theory is ―Harmonious‖. It is harmonious because class by Marx, all parties will be gainers, but they
the international economic offer benefits to all will forecast the combination collectively. All parties
countries with the challenge are to create a political lose due to the competition. And the competition is
framework that enables countries to realize driving down the wages of workers. They view
the benefits (Jha & Gozgor, 2019). the market as a ―system of competitive market‖ and
There are two types of liberalism. First is Faith the freedom is there are many buyers and sellers
in Free Trade and Modern Liberalism. Modern but the prices are determined by bargaining
liberalism is the belief that the business cycle does (Larrinaga & Garcia-Torea, 2022).
not always regulate itself. A bust can often be so bad
it is causing the economy to crash. The solution is 3.2. Dependency theory
for the government to effectively kick-start
the economy by creating jobs and spending — Dependency theory is to understand the economic
bringing money into the hands of people so that developments which underline the constraint of
they can continue purchasing and selling goods. It is global political and economic order. It is imposed by
contradicted with the faith in free trade where the global political and economic order.
the concept is a conviction that open trade and free The dependence theory, introduced by Argentine
trade growth are crucial to avoiding another crash of economist and statesman Raúl Prebisch in the late
the economy. Before the Depression, several nations 1950s, gained popularity in the 1960s and 1970s.
were responding to a downturn in economic growth According to the theory of dependence,
by imposing trade restrictions. Most economists the split is mainly due to the marginal position in
agree that these trade barriers turned a particular the world economy of the affected countries.
deep burst into a global economic disaster. Inverted countries generally in the world market sell
cheap labour and raw materials. The result is an evil
3. RESEARCH METHODOLOGY cycle that continues to perpetuate the world
economic inequality between rich and poor. Santos
The design of the study used is a qualitative method 1970 focused on the structure of dependency, it is
of discussion. The type of study is a single case dependent on the industry and has linked least
study on the international political economy. Data developed countries with industrial nations.
were collected from different secondary sources Dependency theory consists of three eras in
such as library studies involving writing in scientific dependency modern history (Zhong & Lin, 2022):
books, articles, journals, and previous scientific a) Colonial dependency (18th–19th century).
training related to the world political economy about b) Financial industrial dependence from
the COVID-19 pandemic. The variety of methods the 19th until the 20th century.
used helps researchers so that more extensive, c) Today‘s dependency on multinational
robust, and theoretical aspects of data sources are corporations (MNCs).
carried out in the following theories. Since least developed countries remain
dependent on developed countries (or MNCs), they
3.1. Marxism theory are systematically retrograded left to their own
instruments instead of capital and technology which
Marx understood history as a complex cycle (defined will give them economic independence. In 1964,
by economic and technological forces) in which UNCTAD (United Nations Committee on Trade and
capitalism evolved in an attempt to improve Development) was founded to developing countries
feudalism, but in effect socialism and eventually to industrialize and develop.
communism would overtake it. The method is Dependency also says the rich nations are
known as epistemology. The economic system manipulating the poor nations. But this is not
defines the social and ethical existence of each because there is evil in capitalism. This is because
method of production. capitalism needs to be supervised and it is going to
A process called ―historical materialism‖ where be fairer. The problem is that poor nations continue
market economics are social arrangements created to depend on the rich nations. Even after
by specific historical forces. Works Producer surplus colonialism, when the developed nations were freed,
value, the owner (capitalist) will take all the profit. their economies remained dependent on
Yet under this theory also they divided the society the economies and technology of the developed (Lau
based on class and based on roles in the economy. et al., 2022).
Monopoly is known as one seller but had a lot of In structuralism, the economy works because of
buyers with a fixed price. a few things such as dependency theory, world
Marx does create a class struggle which is to system theory, and Antonio Gramsci and intellectual
analyse capitalism in terms of the class struggle that hegemony. Figure 1 shows how dependency
has been created. This two-class is known as theory works in structuralism. Dependency theory
the bourgeoisie and proletariat. The bourgeoisie competes for the same role as immediate-constitute
class is characterized as the owner of capital — and is a characterization theory, not necessarily
a means of production. The class has strength in associable with any empirical method or principle.
capitalism (middle class to upper class) which has The theory of dependency is also an approach to
power in capitalism. Proletarians are wage labours understanding economic underdevelopment that
and do not have capitalist influence because they stresses the constraints imposed by the global
would not have the factors of production (wage to political and economic order.
lower class) in lack of power. Under the separated

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Figure 1. Dependency theory system combines Marx‘s analysis of class

relationships within a country with a similar analysis
of class relationships between nations or between
social classes (Lindroth & Sinevaara-Niskanen, 2019).
Periphery

3.5. Hegemony theory

Semi-periphery The hegemony theory had been inspired by Antonio

Gramsci, they trust creative agencies for the working
class. While Gramscian Marxism inspired cultural
resources studies, especially in the idea of hegemony and
goods
the position of the mind. Hegemony theory requires
Core laws based on consensus or negotiation mechanisms
between groups to maintain social order and
resources
maintaining supremacy by intimidation and
goods
approval (Sabahelzain et al., 2022). Intellectual
hegemony generates an agreement by persuading
the masses to have the same preferences as
the dominant class through propaganda and to serve
those interests. Compared to Marx, who considered
economic strength as one of the most important
forces, Gramsci considered that culture and ideas
The principle of dependency is that were also important for the class struggle
the resources flow from the ―periphery‖ of poor and (Liu et al., 2023).
underdeveloped states to the ―core‖ of rich states,
enriching them at the cost of the former (Hays, 3.6. Intellectual hegemony
1964). The growth of the rich world has been
accomplished through the exploitation of Antonio Gramsci (Italy) is of the opinion that
the developing nation and the outcome is a vicious the ruling class protects its position by intimidation
cycle that perpetuates the division of the world and consent methods. The most influential in
economy into a wealthy core and a poor periphery. the 20th century is structuralism. Intellectual
supremacy gains consensus by persuading
3.3. World system theory the people to provide the same priorities as
the ruling class and to support those interests by
The sociologist Immanuel Wallerstein developed spreading the ideology. To be and represent those
the theory of world systems. Global history and desires in the same way as the ruling class.
social change strategies indicate that there is a world The notion permeates society through the media and
economic structure under which certain countries education. Permission is helpful because extortion is
prosper and others are oppressed. There are four not essential if the masses are controlled by
main characteristics: the dissemination of ideas already. Compared with
a) World systems theory is based on a three-tier Marx, who considered economic strength to be
hierarchy consisting of core, peripheral, and the most important influence, Gramsci found that
semi-peripheral areas. society and ideas were also important for class
b) World economy, monopolise and manipulate struggles (Milfont et al., 2022).
fringe countries for labour and raw materials.
c) Fringe countries depend on core countries 4. RESULTS
for capital. Semi-peripheral states have
the characteristics of core and peripheral countries 4.1. Impacts of the COVID-19 pandemic on
as well. mercantilism theory
d) The social framework of global inequality is
underlined in this theory. According to Keith Rankin in his article Northern
Why they are saying semi-periphery is because European Mercantilism and The COVID-19
simple and normal sympathy will go to the poor. Emergency is Sweden and the Netherlands,
That is why they focus to forecast on poor and compared with New Zealand, are portrayed by their
semi-poor. dissenting strategy to the COVID-19 pandemic. Both
countries have tried to run as usual, particularly
3.4. Modern world system theory with advisory messages about staying home in other
words movement control orders (MCO) and
The modern world system theory, popularly minimizing physical socialization are known as
invented by Immanuel Wallerstein and later by social distancing.
Christopher Dunn, views capitalism as the world There is also the Darwinist Social Impulse,
system in the modern era that determines which conveys the impression that this would not
International Political Economy (Hung & Chang, make a difference if there were still a higher death
2023). The capital-rich manufacturing core continues among the elderly and the vulnerable; this death is
to dominate the modern world system, leveraging an acceptable price to pay in mercantile attempts to
resources that are rich in peripherals. While expand the trade surplus in Sweden.
the Semi-periphery also known as an intermediary The mercantilist goal of Sweden is to make money-
occurs in between the core that makes use of it, and which is called gold-by selling and developing across
the abused periphery. A new theory of the world the world. Where it is money is a means generated

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by the double-entry bookkeeping, not by industrial Due to the restriction of movement a lot of industry
manufacturing. Because the government of Sweden was collapsed. For instance, in the airline industry
did not take the coronavirus disease (COVID-19) as and tourism industry, China is known as a huge
a serious test and naturally had a greater number and larger contributor in terms of tourism because
(Nasir et al., 2023) when Germany and the citizen will be travelled around the world. But
the Netherlands–European Union used the Eurozone because of this COVID-19 pandemic, most countries
as a mechanism for playing mercantilist games. They encourage their own citizen to go on holiday inside
implemented their transactions by constructing the country for the country to boost and stimulate
the Euro in a currency that was significantly less back their economy. Until this COVID-19 pandemic
valued than just what Deutschmark or Guilder settles most of the country needs to be dependent
meant. These nations have identified ways of on the supply chain from the domestic supply.
weakening the hovering exchange-rate mechanism
which should restrict international trade in 4.3. Impacts of COVID-19 on liberalism
the worst possible.
The biggest reason for the Eurozone post-GFC According to Yavuz (2020), after the following
crisis is all because of their mercantilist strategy outbreak of the coronavirus disease, nationalism,
that plagued divine distribution in southern Europe and regional blocs could become relevant and
(Rankin, 2020). When the government started to decline at the expense of international structures
respond to the crisis by consolidation, replacing and liberal democracy. Adam Szymanski,
the external deficit with economically vulnerable an academic at Warsaw University, said that current
external deficits such as the country Latin America, governance practices now in a state of emergency
this is because the main idea of Mercantilism theory could continue even after the end of the pandemic.
is to gain a zero-sum game and had control over ―The liberal model, which has been in crisis for some
power. years now, maybe redefined‖, he said, as people in
many countries already prioritize issues other than
4.2. Impacts of the COVID-19 pandemic on democratic rules and values.
structuralism From a power point of view, the country‘s goal
is to prevent disease and its effect by bringing
The four main contributions Marx made to labour and resources to hospitals in the most
international political economy are the definitions of affected districts: China is sending 40,000 health
gender, gender disputes and exploitation of labour, workers to the province of Hubei, most European
state power, and political manipulation from its countries have expelled retirement medical staff,
historical theory that predicts the inevitable collapse many are building new hospitals, and
and reconstruction of capitalism with socialism. the government is allocating large amounts of
The pandemic created by the COVID-19 virus‘ wide money, while funding is required (Gutiérrez, 2020).
growth has uncovered far-reaching health-related The European Union has terminated
impacts. Not only has this crisis changed our the Stability Alliance: a significant change in its
everyday lives and attitudes, but it also has far- international economic policy, and not easily
reaching economic and political consequences and measured when confronting the current and worst
will continue to have them. Globalization is problems in a sequence of member-country conflicts
a systemic, legal, and political reform based on and disagreements, and rivalries. But they will need
reduced market participation by the public sector. more resources. The country‘s welfare system has
The notion of reducing government involvement in been weakened by decades of neoliberal policy:
the economy on the grounds of excessive 28 million people in America where are uninsured,
bureaucratic obstacles underpins institutional and even more are expected to pay for much of their
emphasis. care.
The COVID-19 pandemic is a major crisis for
world politics and an epistemological crisis for 5. DISCUSSION
the theory of international relations, especially
the dominant international realism tradition. 5.1. Impacts of the COVID-19 pandemic on
Realism — stripped of its minimalist, modernist the global political economy
structural elements in the form of what Max Weber
calls the ideal type — implies that in world politics The COVID-19 epidemic has spread to more than
circumstances are solely important (Beer & Hariman, 200 countries according to the latest WHO report on
2020). April 18, 2020. Out of 2,164,111 confirmed cases,
Because of the coronavirus disease (COVID-19), some of 146,198 people died after becoming
a lot of supply chains are disconnected diagnosed with the respiratory virus, while more
internationally due to the government‘s new policy than 402,989 people recovered from the disease.
of closing the international border and due to In general, pandemics are not only serious public
the ―lockdown‖ and MCO. China is known as a larger health issues but rather trigger a political and socio-
supplier for most of the countries in the world and economy crisis in infected countries. The disease
is forecast as the next world‘s leading economy. progression and it is economic impacts are purely
China is the largest exporter because of its cheaper speculative, making it more difficult for
cost of production. policymakers to implement effective macroeconomic
Most of the country needs to implement new policy responses. Those numbers change rapidly
policies for them to make sure the stability of (WHO, n.d.). Here is the graph showing an increasing
the country‘s economy will not flunk. So, they must number of COVID-19 pandemic worldwide
circulate the economy only inside the country most (Chakrabortya & Maity, 2020).
of the supply chains they got from local suppliers.

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Figure 2. The comparative study of the COVID-19 pandemic cases in India with another country

120,000,000

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0 USA

Spain
Italy

UK
China

France

Belgium

India
Germany

Iran

Turkey
Netherlands

Russian Federation
Total Cases Total Deaths

The COVID-19 pandemic broke rapidly in human-to-human results from near contact with
countries such as South Korea, Iran, and Italy in late infected person individuals exposed to breathing
February and early March 2020, after reaching China droplets, coughs, sneezing, and aerosols
in January 2020. As the number of COVID-infected (Chakrabortya & Maity, 2020). It has been shown in
patients, the United States is at the top of the list Figure 3 how the transmissions can occur. This
followed by Spain (Figure 2). The impact of this aerosol can infiltrate the human body (breathing
Coronavirus disease (COVID-19) is on a major global system) by inhaling through to the nasal passage
health, economy, global environment, and politics. such as the mouth and nose. With the growing
transmission of outbreaks and uncertainty,
5.2. Impacts on global health the welfare of the people who positive for
the coronavirus (COVID-19) with rheumatism is
The resurgence of coronavirus (COVID-19) had a major concern as respiratory disease,
triggered a serious global epidemic and is the impairment to the lung tissues is very evident,
a significant public health issue. This virus is highly but there are indications that it also can impact
transmitted and the transmission of the virus from other tissues and organs.

Figure 3. Transmission dynamics of SARS-CoV-2 infection in people

Source: Chakrabortya and Maity (2020).

5.3. Impacts on economy interpretation of risk and uncertainty in financial

markets and organizational decision-making
Globally and for most countries and regions, (Jackson, 2022). Devastation from the epidemics
the financial position has maintained optimistic. causes irreparable social harm. Yet, apart from this,
Volatility about the duration and extent of coronavirus disease (COVID-19) has seriously
the healthcare crisis‘s financial impact causes crippled the financial system. To prevent the spread

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of the infection in society, most of those countries globally. Several global strategies for the prevention
concerned have opted for a sudden reduction. In and control of COVID-19 disease are being
various central regions, large international flights as implemented, including lockdowns by the
well as many other modes of corporate transport are government, movement control orders, closed
affected. Since all internal flights are closed, rail border international and domestic, social distancing,
lines (except freight trains), bus, truck, and no mass gatherings, and many more.
automobile transportation are restricted except for The impact of the COVID-19 pandemic is more
those connected to essential goods, with limited towards the economic sectors rather than politics.
exceptions (Pop, 2022). However, all leaders should be prepared to have
All educational, economic, recreational, and a contingency plan to avoid from their country
spiritual institutions are closed in almost all getting worst. Here is the worst-ever pandemic that
COVID-19 pandemic-impacted countries. the global had faced, unlike any other contagious
The industry is struggling a lot because a lot of it disease. The COVID-19 pandemic forced almost all
has to do with essential infrastructure, in many around the world to shut down their economy and
countries it has been closed for a long time. There a lot of huge companies had been announced
are also many problems facing people who belong to bankruptcy due to this COVID-19 pandemic. That is
the travel and transport industries are extremely low why the first nation will recover from this COVID-19
production levels. Most so-called strong countries‘ pandemic, it becomes the first nation who
economies are now facing the danger of high recovering its economy and can avoid facing
inflation and increasing unemployment due to a lack the worst financial crisis.
of productivity and unsustainable expenditure on The coronavirus epidemic and global economic
treating and rehabilitating COVID-19 pandemic spillover caused the global recession in 2020. In
victims and their families (Organisation for Economic many countries, policymakers have been under
Co-operation and Development [OECD], 2020). pressure to respond to the coronavirus outbreak. As
The hospitality and travel-related sectors will a consequence, many policymakers have taken fast
become one of the most affected at the industry economic changes that have had far-reaching
level, as the policymakers promote ―social distance‖ positive and detrimental impacts on their respective
and consumers remain indoors. When the health economies — several nations have sunk into
crisis with the COVID-19 pandemic escalated, a deep recessions. In several countries, social distancing
global recession arose. That nation has different measures and limits on lockdowns have been
abilities to deal with the health crisis as much of implemented, and there have been concerns that
the labour force is stagnant. In a very underground these social policies may spark a recession. Social
economy, with poor or inexistent social security distancing or lockout strategy is harming
policies, social segregation programs are hard to the economy by raising the degree of general
implement. Among many others, regional efficiency economic operation and its detrimental impact on
is constrained by very different liquidity rates, and stock prices.
policy and fiscal resources (Llavaneras Blanco & Criticisms have been expressed that policies
Rosales, 2020). have been too rapid, premature, or insufficient and
that policies have contradicted one another in some
6. CONCLUSION areas, such as accommodative monetary policy,
which has encouraged economic agents to engage in
In a nutshell, the COVID-19 pandemic caused economic activities, while lockdowns and social-
various political implications. The COVID-19 distance policies have prevented economic activities
pandemic is a test for the worldwide political from taking place. On the other hand,
leaders who have been in power since the financial the coronavirus-induced global health epidemic has
crisis of 2008. Half of the world‘s population lives in created an impetus for several policymakers to bring
confined conditions, so understanding how people meaningful changes to the public health system.
formulate, discuss, and respond to these political Countries like the United Kingdom and Spain have
and economic choices is important. The COVID-19 remedied their public health care system and
pandemic is a national threat requiring identified other public infrastructure gaps, such as
an international response that involves all nations. the transition to online education, transport, and
The government will oversee providing the proper disease detection systems in public hospitals. Some
resources to help the community deal with this new governments have also used the crisis as
infection. To minimize COVID-19-related damage, an opportunity to fix the economic system and
there is a need for public health and urgent control financial systems with a planned federal stimulus
of infections to restrict the spreading of the virus package.

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