Trade impacts in the Global Coronavirus Crisis
June 15, 2020: A Special Issue of the Journal of Australian Political Economy focuses on the political economic fallout from the Coronavirus crisis. It contains 26 articles, written by Australian and international authors, each showing how political economic analysis can deepen our understanding of what has been happening. Many also reflect on what can now be done to pursue a more progressive agenda – for more secure jobs, less inequality and a more sustainable environment.
Articles examine the primary health dimension, and also the economic, social, political and ecological dimensions of what is now dubbed the Global Coronavirus Crisis.
AFTINET’s Convenor, Dr Patricia Ranald, contributed an article on the trade aspects of the economic impact of the GCC. The volume and value of international trade have plunged. The pandemic has exposed the flaws in the global trading system, ranging from over-dependence on global production chains to exposure to global corporations suing governments, opening the debate about the need for change.
The JAPE editors point out that the current crisis has global characteristics that differ from the Global Financial Crisis of 2008-09. The three T’s of ‘trade, travel and tourism’ are tottering, not to mention international student enrolments on which universities have increasingly come to depend.
Several articles locate the structural origins of the virus in the dynamics of capitalism – especially those relating to industrial agriculture , destruction of ecosystems and trade in threatened species .
There are also articles on the experience of particular countries and on the Global South where the GCC is deepening existing inequality, poverty and political repression.