- The contemporary global order and institutions were a hegemonic exercise meant to deal with isolated political and military crises and not serve humanity at large.
- COVID-19 has exposed this as well as the worst nativist tendencies of the global leadership in the face of a major crisis.
- Regional institutions haven’t fared any better.
- SAARC , EU post-national regional arrangement, stood clueless when the virus spread like wildfire
- These failures are indicative of a deeper malaise: the global institutional framework is unrepresentative, a pawn in the hands of the great powers, cash-strapped, and its agenda is focused on high-table security issues.
- Reports indicate that China has now managed the outbreak of COVID-19, and its industrial production is recovering even as that of every other country is taking a hit.
- The oil price slump will make its recovery even faster.
- When the greatest military power found itself in denial mode and the members of the EU were looking after their own interests, China appeared to use its manufacturing power to its geopolitical advantage.
- Economists are warning of a global recession.
- How the world reacted? The first instinct of every major economy was to close borders, look inwards and
- The pre-existing structural weakness of the global order and the COVID-19 shock will further feed states’ protectionist tendencies fueled by hypernationalism.
- The ability of big corporations to dictate the production, stocks, supply chains and backup plans will be limited by increased state intervention to avoid unpredictable supply sources, avoid geopolitically sensitive zones, and national demands for emergency reserves.
- The profits of big corporations will reduce, and the demand for stability will increase.
- Rise of state-led models: With the severe beating that globalisation has taken, state-led models of globalisation and economic development would be preferred over (big) corporates-led globalisation.
- Yet another undesirable outcome of the pandemic would be a spike in various forms of discrimination.
- Globally, societies could become more self-seeking and inward-looking leading to further pushback against liberal policies regarding migration and refugees.
- The world order needs to wake up to new reality take measures to avoid the above listed undesired fallouts that could emerge in the post-Covid-19 world, and before that there is an urgent need for the global coalition to deal with the pandemic.
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