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

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


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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.

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