Developing Countries in the Political Economy of the Post-Coronavirus World

66
DOI: 10.20542/0131-2227-2020-64-9-5-14
Institute for African Studies, Russian Academy of Sciences (IAS RAS), 30/1, Spiridonovka Str., Moscow, 123001, Russian Federation;
Institute for African Studies, Russian Academy of Sciences (IAS RAS), 30/1, Spiridonovka Str., Moscow, 123001, Russian Federation

Acknowledgments. The article has been supported by a grant of the Russian Foundation for Basic Research (RFBR). Project 19-014-00019 “Sanction and Regulatory Targeting of National Elites as an Instrument of Global Governance and International Competition”.


Abstract. The article provides an analysis of the fallout of the external twin-shock caused by the coronavirus pandemic and a global economic downturn to economies and political environment of developing countries. It also looks into potential changes that are likely to take place in the current and future architecture of the world. On this basis, an attempt is made to envisage the vectors and results of the evolution of the less developed economies’ place and role in a forthcoming new global normality. A study of developmental problems of this group of states is undertaken in the context of the ongoing globalization, fragmentation and sovereignization processes. The article considers the transformations taking place in and around developing countries from three key perspectives: a) the retrospect and perspective evolution of the globalization process; b) direct consequences of the pandemic and the global economic crisis for these countries’ economic, social and political development; c) possible “post-coronavirus” development models, including the implementation of the responsible development concept and answers to challenges of the industrial revolution 4.0. The authors provide a segmented picture of the main areas of concern, or of political and economic action required, namely: medical and epidemiological consequences per se; an exorbitant narrowing of strategic prospects for sustainable development; the meltdown of favorable paradigms of the world order and mutually beneficial relations between members of the international community, which have been present through the last two decades. As a result of the analysis undertaken, the authors come to a conclusion that it would be a mistake to seek to restore the world economy by simply returning the constituent national economies to the pre-crisis state – the one that caused the crisis and the slump. In view of current realities, a paradigm shift is becoming an urgent need for non-Western nations. Even in less developed countries, it is wiser to start building the recovery growth around the core pillars of the industrial revolution 4.0 and of the responsible development.

Keywords: world economy, developing countries, elites, development, poverty, crisis, state, national interests, Africa, Russia


REFERENCES

1. Fituni L. From Boulders to Ashlars – BRICS of a new world order: Hierarchies of power and degrees of freedom in the emerging world system of the twenty-first century. The BRICS and Beyond: The International Political Economy of the Emergence of a New World Order. Xing Li., ed. London, New York, Routledge, 2014, pp. 93-110.

2. Soros G. Remarks delivered at the World Economic Forum. Davos, Switzerland, January 23, 2020. Available at: https://www.georgesoros.com/2020/01/23/remarks-delivered-at-the-world-economic-forum-3/ (accessed 05.05.2020).

3. Sternlicht A. Ray Dalio: We’re Heading into a Great Depression. Forbes, 08.04.2020. Available at: https://www.forbes.com/sites/alexandrasternlicht/2020/04/08/ray-dalio-were-heading-into-a-great-depression/#5dfdfe5f7c83 (accessed 05.05.2020).

4. Dynkin A.A. Rabota iz doma na tret’ effektivnee [Work from home is one third more efficient]. Rossiiskaya gazeta, 06.04.2020. Available at: https://rg.ru/2020/04/06/dynkin-predrekat-polnyj-kollaps-globalizacii-vesma-oprometchivo.html (accessed 05.05.2020).

5. Johnson M. Nobel-winner Stiglitz: Poor coronavirus response leaves US on course toward another Great Depression. The Hill, 22.04.2020. Available at: https://thehill.com/homenews/administration/494058-top-economist-poor-coronavirus-response-leaves-us-on-course-toward (accessed 05.05.2020).

6. Roubini N. A Greater Depression? Project Syndicate, 24.03.2020. Available at: https://www.project-syndicate.org/commentary/coronavirus-greater-great-depression-by-nouriel-roubini-2020-03?barrier=accesspaylog (accessed 05.05.2020).

7. Fituni L., Abramova I. Patterns of Formation and Transition of Models of Global Economic Development. African Studiesi n Russia. Yearbook 2010–2013, 2014, no. 6, pp. 5-24.

8. Letter to Governments of the G‑20 Nations. Available at: https://www.lse.ac.uk/News/News-Assets/PDFs/2020/FINAL-LETTER-2-to-G20-leaders.pdf (accessed 05.05.2020).

9. World health statistics 2017: monitoring health for the SDGs, Sustainable Development Goals. World Health Organization. Available at: https://www.who.int/gho/publications/world_health_statistics/2017/EN_WHS2017_TOC.pdf?ua=1 (accessed 05.05.2020).

10. COVID‑19 Coronavirus Pandemic. Worldometers. Available at: https://www.worldometers.info/coronavirus/#countries (accessed 15.05.2020).

11. WHO Coronavirus Disease (COVID‑19) Dashboard. Available at: https://covid19.who.int/ (accessed 15.05.2020).

12. Croxford R. Coronavirus: Black African deaths three times higher than white Britons – study. BBC News, 01.05.2020. Available at: https://www.bbc.com/news/amp/uk-52492662 (accessed 05.05.2020).

13. Thebault R., Ba Tran A., Williams V. The coronavirus is infecting and killing black Americans at an alarmingly high rate. Washington Post, 07.04.2020. Available at: https://www.washingtonpost.com/nation/2020/04/07/coronavirus-is-infecting-killing-black-americans-an-alarmingly-high-rate-post-analysis-shows/?arc404=true (accessed 05.05.2020).

14. World Economic Outlook. Chapter 1, The Great Lockdown. International Monetary Fund, April 2020. Available at: https://www.imf.org/~/media/Files/Publications/WEO/2020/April/English/text.ashx (accessed 05.05.2020).

15. List of Countries by Tourism Income. Available at: https://www.atlasbig.com/en-us/countries-tourism-income (accessed 05.05.2020).

16. The Covid‑19 Shock to Developing Countries. United Nations Conference on Trade and Development, March 2020. Available at: https://unctad.org/en/PublicationsLibrary/gds_tdr2019_covid2_en.pdf (accessed 05.05.2020).

17. Abellan L., Sevillano E. G. Turquia retiene un cargamento de respiradores para Espana. El Pais, 03.04.2020. Available at: https://elpais.com/sociedad/2020-04-03/turquia-retiene-un-cargamento-de-respiradores-para-espana.html (accessed 05.05.2020).

18. Tidman Z. Coronavirus: Czech Republic seizes more than 100,000 face masks sent by China to help Italy tackle spread. Independent, 22.03.2020. Available at: https://www.independent.co.uk/news/world/europe/coronavirus-face-maskschina-italy-czech-republic-latest-a9416711.html (accessed 05.05.2020).

19. Multiple Countries Say U.S. Is Intercepting Critical Medical Gear Shipments Around the World. Independent Global News, 07.04.2020. Available at: https://www.democracynow.org/2020/4/7/headlines/multiple_countries_say_us_is_intercepting_critical_medical_gear_shipments_around_the_world (accessed 05.05.2020).

20. Sly L. British marines seize tanker suspected of carrying Iranian oil bound for Syria. Washington Post, 04.07.2019. Available at: https://www.washingtonpost.com/world/middle_east/british-marines-seize-tanker-suspected-of-carrying-iranianoil-bound-for-syria/2019/07/04/681458d2-9e65-11e9-83e3-45fded8e8d2e_story.html (accessed 05.05.2020).

21. From the Great Lockdown to the Great Meltdown. United Nations Conference on Trade and Development, April 2020. Available at: https://unctad.org/en/PublicationsLibrary/gdsinf2020d3_en.pdf (accessed 08.05.2020)

22. FSB reviews financial vulnerabilities and deliverables for G20 Summit. Financial Stability Board, 22.10.2018. Available at: https://www.fsb.org/2018/10/fsb-reviews-financial-vulnerabilities-and-deliverables-for-g20-summit/ (accessed 05.05.2020).

23. Abramova I., Fituni L. Russia, BRICS and the Global Supply Chain of Resources for Development. Laying the BRICS of a New Global Order: From Yekaterinburg 2009 to eThekwini 2013. Pretoria, Africa Institute of South Africa, 2014, pp. 136-153.

24. Life in the era of COVID‑19: PM Modi blogs on LinkedIn. Yahoo news, 19.04.2020. Available at: https://in.news.yahoo.com/life-era-covid-19-pm-120810965.html (accessed 05.05.2020).


Registered in System SCIENCE INDEX

For citation:
Fituni L., Abramova I. Developing Countries in the Political Economy of the Post-Coronavirus World. World Eonomy and International Relations, 2020, vol. 64, no. 9, pp. 5-14. https://doi.org/10.20542/0131-2227-2020-64-9-5-14



Comments (0)

No comments

Add comment







Indexed

 

 

 

 

Dear authors! Please note that in the VAK List of peer-reviewed scientific journals, in which the main scientific results of dissertations for the degree of candidate and doctor of sciences should be published for the “MEMO Journal” the following specialties are recorded:
economic sciences:
5.2.5. World Economy.
5.2.1. Economic Theory
5.2.3. Regional and Branch Economics
political sciences:
5.5.4. International Relations
5.5.1. History and Theory of Politics
5.5.2. Political Institutions, Processes, Technologies

 

Current Issue
2024, vol. 68, No. 5
Topical Themes of the Issue:
  • Are There Any Ways to Break Through the Korean Nuclear Impasse?
  • Contemporary U.S. Taiwan Policy: Balancing on the Edge
  • The Gulf Monarchies’ Vision of the Global Order Transformations and the Russian Place in It
  • At Post-Soviet Space
Submit an Article
INVITATION FOR PUBLICATION
The Editorial Board invites authors to write analytical articles on the following topics:
  • changes in the processes of globalization in modern conditions
  • formation of the new world order
  • shifts in civilization at the stage of transition to a digital society

The editors are also interested in publishing synthesis articles / scientific reviews revealing the main trends in the development of certain regions of the world - Latin America, Africa, South Asia, etc.