World Knowledge Forum

[WKF 2020] The global political economy of Covid19│James Galbraith(The University of Texas at Austin)



* The global political economy of Covid 19│James Galbraith(The University of Texas at Austin, Professor): I argue that the economic effects of the Covid-19 pandemic are determined mainly by the structural characteristics of the affected countries, including their position in a hierarchy of global trading relations, the nature of the consumption basket, and the burden of debts in sustaining household behavior. These factors help to explain the resilience of certain Asian countries in comparison with the relative failures of the United Kingdom and especially the United States. It is precisely the position of the latter two countries at the pinnacle of global finance and technology, with consumer economies largely oriented toward the provision of personal services and heavy reliance on fixed debts, that have made their economies vulnerable to the psychological and behavioral consequences of the coronavirus. #JamesGalbraith, #Covid19, #globalEconomy