Post Mortem

Coronavirus (covid-19): an offshoot of globalization!

By Nagaland Post | Publish Date: 3/13/2020 12:31:08 PM IST

 After the Great Depression and 2008 financial crash—COVID—19 is creating havoc amongst the nations of the world. It is due to globalization. Particularly, the developing countries went all out in embracing globalization based on the development paradigm of growth or modernization model to grow and prosper and to ‘catch up’ with the developed countries/economies. In tune to its requisites and mandate the developing countries thought that the best way for them to develop and to ‘catch up’ was to Liberalize, Privatize and Globalize (LPG).  Presently the entire world is gripped by a deadly pandemic known as Corona virus—Covid—19. 

Economists and futurologists predict that the epidemic could push the world to an unprecedented economic downturn which would have consequential effects than 2008 economic melt-down wherein the entire world was hit by global financial crisis. Economic crises of 2008 witnessed the global economy plummeted to its low.  The work force and their families in hundreds and thousands had to return due to job losses which continued for some years. Middle-level employees who had invested in corporations lost all their savings because it was a crash of corporate globalization. 

Now we have a pandemic COVID—19 started during the end of 2019 causing fear initially amongst few countries and then on gradually gaining momentum spreading to numerous countries and now is at its peak. It is undoubtedly posing a grave public health crisis for the comity of nations and is going to create devastating havoc and effects in number of ways. As a consequence, several thousands of people perished across the world and about 127 thousands of people have been affected thus far and identified as positive across worldwide covering more than 114 countries. 

Globalization endorsed connectivity and integration and so pushed for more air and sea ports within and across the countries. For the last three decades many developing countries of the world started investing on constructing airports and sea ports so that their economies would boom. In tune to this cities have been modernized and keep expanding with skyscrapers, eight-lane autobahns, flyovers, metro-trains and silicon valleys’ and techno parks. More and more people have started to move into the big cities from, towns and villages for livelihood, quality life and education. Connectivity to any part of the world has been made possible within seconds. 

Globalization has connected and integrated the world into one global village/ one economic unit.  For the proponents of globalization in the process of integration the world and its populace believe in ‘Big is Beautiful’. Global population is more than 7 billion and in that population of the metropolises has more. When something like coronavirus hits it spreads so fast and devours. 

As we connect and integrate more people when any epidemic hits there are a possibilities of more people dying. See the people travelling by air and cruise ships. It is the result of globalization. World is increasingly becoming susceptible and virulent after threats such as virus or cyber attacks. We have entered into another phase or setting wherein these pose serious threats and challenges than the conventional wars. These are due to globalization that believes in technological innovation and revolution. More than the positives, the negatives—“catching up” seem to be more when we look at things happening around us. 

Virus can easily create ramifying effects when proximity is closer. With all the COVID-19 has taken the world to its hold because health and finance are inter-related complex system. Every activity has come to a grinding halt wherein people do not want risk their lives. As a consequence it has affected tourism, production, distribution, consumption, education and host of other. There have been lockdown of travels, entry into countries, closures of educational institutions, work places and travel. None wants to take risks. Airports are deserted; educational institutions look deserted; hospitality and entertainment industry in shatters; factories are closed; community gatherings and festivities are curbed and people by and large stay in-doors.

Out of fear for life people stay in-doors which automatically leads to the paralysis of all activity—consumption, production and distribution. All these show that we are heading for serious turmoil and global recession. Coronavirus is undoubtedly a game changer that has hit badly our assumption and presupposition. Globalization has inflicted serious blow after 2008 financial crash and this time it attacked the health of the world which is indeed one of the principle agencies for a healthy society and prosperous world. It has put the global economy to negative growth. Economic activities have been badly hit. Governments and WHO keep advising people not to fear but the gravity and severity of the pandemic keep posing more fear and uncertainty. None can assure when this would stop or put a stop.

We live in uncertain times. COVID-19 is an extreme pandemic and has been posing traumatic implications. There has been drastic decline in the demand, supply and consumer confidence. Coronavirus has exasperated inequality further within and between the countries. Rich and the powerful have the capacity to escape from the deadly pandemic, but the poor would be badly hit because of their financial constraints and living conditions. However, we come across a rhetoric that “pandemic cuts across all sorts of barriers and everything” which is not true. Realistically and empirically speaking it hit the poor and the rich somehow manage to tide over. Rich countries have more money to allocate to combat coronovirus but countries like India hardly can do anything. Stock markets keep plunging and crashing as it is driven by the external shock created by coronavirus. 

The virus has become viral and thus penetrated into the wheels of economy and ravaging the production and supply chains.  Market is getting nervous and changing and if it continues traders would have to change. Financial crash continues and is percolating at all levels like tsunami since the virus that appeared in Dec 2019. It has hit the supply lines, production lines, distribution lines and consumption lines. It has brought about every human activity to a grind halt. Proponent of globalization say that COVID—19 has ushered the global crisis and not the crisis of globalization. It is certainly the crisis of globalization because coronovirus is the offshoot of globalization. 

dr. john mohan razu

Launched on December 3,1990. Nagaland Post is the first and highest circulated newspaper of Nagaland state. Nagaland Post is also the first newspaper in Nagaland to be published in multi-colour.

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