COVID-19 AND CHALLENGES TO ECONOMIC MODELS AND POLITICAL REGIMES

Osama Shaikh () and Huzaifa Shaikh ()
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Osama Shaikh: Ankara Yıldırım Beyazıt University
Huzaifa Shaikh: Ankara Yıldırım Beyazıt University

Academic Review of Humanities and Social Sciences, 2021, vol. 4, issue 1, 98-115

Abstract: The Covid-19 pandemic has unfolded at a time when different countries with different economic & political structures were moving towards their already set challenging goals. The vast hit of the pandemic not only left major advanced economies unconscious of the solution but also obliterated the very pace of developing nations. The decisive parameter in dealing with the contagion has irrefutably been the different forms of economies and regimes. This essay is divided into three parts. In first, we thoroughly discuss the effect of the contagion on capitalistic and socialistic economies distinctly. In second, we estimate and analyze the effects of Lockdown 2020 on the South Asian Countries’ economy and compare the Lockdown 2020 economic crisis with the Global Financial Crisis of 2008. Along the same lines, we also estimate, analyze, and discuss the current and future economic trends in South Asian countries during Lockdown 2020. Moreover, this essay also unfolds the preparedness and reaction of different economies and critically analyze the remedial measures such as bailout packages, taken by various developed and developing countries to minimize the economic toll due to covid-19 pandemic. However, in the third section, we critically evaluate the relationship between the Coronavirus and different regimes and the responses of different governances specifically, democratic, and authoritarian to the covid-19 pandemic.

Keywords: Covid-19; Capitalism; Socialism; Democracy; Authoritarianism; Economic Growth (search for similar items in EconPapers)
Date: 2021
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