Redefining the Role of the Nation-State: A Comparative Analysis of Liberal and Socialist Economic Systems in the Wake of COVID-19

Noor ul Ain ()
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Noor ul Ain: Lahore College for Women University Lahore

Magna Carta: Contemporary Social Science, 2022, vol. 1, issue 4, 190-197

Abstract: The COVID-19 pandemic has prompted a reevaluation of the roles played by nation-states, particularly within contrasting economic systems. This study conducts a comparative analysis between liberal and socialist economic frameworks in the aftermath of the pandemic. In instances when liberalism has been implemented, it has been observed that a system of free market economy and privatization has been formed, resulting in a reduction in the involvement of the state. The liberal economy has been observed to extract resources from the State without providing commensurate compensation. This article examines the significance of the state in world history, as it is the sole entity entrusted with the responsibility of ensuring the provision of fundamental rights to individuals and safeguarding them against both internal and external threats. Currently, the global community is confronted with the ongoing COVID-19 pandemic. The analysis delineates their historical foundations, levels of state involvement, approaches to social welfare, and responses to the pandemic-induced economic challenges. The global impact of the crisis, including a sharp decline in GDP, estimated trillion-dollar losses, and the importance of swift containment and policy decisions, underscores the divergent approaches taken by these systems. As the world grapples with recovery strategies, understanding the nuanced roles of these economic paradigms offers crucial insights into navigating the aftermath of this unprecedented global crisis.

Keywords: COVID-19; Liberal Economy; Global Community; Internal and External Threats (search for similar items in EconPapers)
Date: 2022
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