Covid-19 and the Global Political Economy: Crises in the 21st Century PDF
Preview Covid-19 and the Global Political Economy: Crises in the 21st Century
COVID- 19 AND THE GLOBAL POLITICAL ECONOMY Covid- 19 and the Global Political Economy investigates and explores how far and in what ways the Covid- 19 pandemic is challenging, restructuring, and perhaps remaking aspects of the global political economy. Since the 1970s, neoliberal capitalism has been the guiding principle of global development: fiscal discipline, privatisations, deregulation, the liberalisation of trade and investment regimes, and lower corporate and wealth taxation. But, after Covid- 19, will these trends continue, particularly when states are continuing to struggle with overcoming the pandemic and violating one of neoliberalism’s key principles: balanced budgets? The pandemic has exposed the fragility of the global political economy, and it can be argued that the intensification of global trade, tourism, and finance over the past 30 years has facilitated the spread of infectious diseases such as Covid- 19. Therefore, economies in lockdown, jittery markets, and massive government spending have sparked interest in potentially re- evaluating certain features of the global political economy. This volume brings together leading and upcoming critical scholars in international relations and international political economy to provide novel, timely, and innovative research on how the Covid- 19 pandemic is impacting (and will continue to impact) the global economy in important dimensions, including state fiscal policy, monetary policy, the accumulation of debt, health and social reproduction, and the future of austerity and the fate of neoliberalism. This book will be of great interest to students, scholars, and experts in international relations and international political economy, as well as history, anthropology, political science, sociology, cultural studies, economics, development studies, and human geography. Tim Di Muzio is Associate Professor in International Relations and Political Economy at the University of Wollongong, Australia and Associate at the Centre for Advanced International Relations Theory at the University of Sussex, UK. His research examines economic inequality, energy policy, and global debt and money. Matt Dow received his PhD in Political Science in 2019 from York University, Canada. His research examines fossil fuels, the global monetary and debt system, settler colonialism, and climate change. RIPE SERIES IN GLOBAL POLITICAL ECONOMY Series Editors: Susanne Soederberg (Queen’s University, Canada), Adrienne Roberts (The University of Manchester, UK), Samuel Knafo (University of Sussex, UK) and Naná de Graaff (Vrije Universiteit Amsterdam, the Netherlands). For almost two decades now, the RIPE Series in Global Political Economy published by Routledge has been an essential forum for cutting-e dge scholarship in International Political Economy, which we understand to be a broadly defined area of research that may cut across other disciplines. The series brings together new and established scholars working in critical, cultural and constructivist political economy. Books in the RIPE Series typically combine an innovative contribution to theoretical debates with rigorous empirical analysis. The RIPE Series seeks to cultivate: • Field- defining theoretical advances in International Political Economy. • Novel treatments of key issue areas, such as global finance, trade, and produc- tion, both historical and contemporary. • Analyses that explore the political economic dimensions of relatively neglected topics, such as the environment, gender, race, and colonialism from both Western and non- Western perspectives. • Accessible work that will inspire advanced undergraduates and graduate students in International Political Economy. Capital Claims: Power and Global Finance Edited by Benjamin Braun and Kai Koddenbrock For more information about this series, please visit: www.routle dge.com/ RIPE- Ser ies- in- Glo bal- Politi cal- Econ omy/ book- ser ies/ RIPE COVID- 19 AND THE GLOBAL POLITICAL ECONOMY Crises in the 21st Century Edited by Tim Di Muzio and Matt Dow Cover image: Ann Solecki variation on iStock Image 1218467204 (alashi) First published 2023 by Routledge 4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 605 Third Avenue, New York, NY 10158 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2023 selection and editorial matter, Tim Di Muzio and Matt Dow; individual chapters, the contributors The right of Tim Di Muzio and Matt Dow to be identified as the authors of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. British Library Cataloguing- in- Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging- in- Publication Data Names: Di Muzio, Tim, editor. | Dow, Matt, editor. Title: COVID-19 and the global political economy : crises in the 21st century / edited by Tim Di Muzio and Matt Dow. Description: Abingdon, Oxon ; New York, NY : Routledge, 2023. | Series: RIPE series in global political economy | Includes bibliographical references and index. Identifiers: LCCN 2022014098 (print) | LCCN 2022014099 (ebook) | ISBN 9781032168210 (hardback) | ISBN 9781032168197 (paperback) | ISBN 9781003250432 (ebook) Subjects: LCSH: International economic relations. | International trade. | International finance. | COVID-19 Pandemic, 2020–Economic aspects. Classification: LCC HF1359 .C726 2023 (print) | LCC HF1359 (ebook) | DDC 337–dc23/eng/20220603 LC record available at https://lccnloc.gov/2022014098 LC ebook record available at https://lccnloc.gov/2022014099 ISBN: 978- 1- 032- 16821- 0 (hbk) ISBN: 978- 1- 032- 16819- 7 (pbk) ISBN: 978- 1- 003- 25043- 2 (ebk) DOI: 10.4324/ 9781003250432 Typeset in Bembo by Newgen Publishing UK For Ophelia, Max, and Remi and For Rosalie CONTENTS Notes on Contributors ix List of Abbreviations xii Introduction: The Covid- 19 Pandemic, International Political Economy, and Social Reproduction 1 Matt Dow and Tim Di Muzio PART I Global Power, Inequality, and Climate Change 21 1 “A Once in a Lifetime Opportunity”: Covid- 19 in the Age of Finance 23 Richard H. Robbins 2 The Billionaire Boom: Capital as Power and the Distribution of Wealth 40 Natasha Popcevski 3 Neoliberalism, Race, and Ignorance in an Era of Covid- 19 53 Dan Bousfield 4 Covid- 19: Decarbonisation Under Duress 68 Adam Lucas viii Contents 5 Engineering the Coronaverse: The Wild, Wild Sovereignty of Big Meat in the Age of the Corporate State 85 Sandy Smith- Nonini PART II Global Health, Social Care, and Reproduction During the Covid- 19 Pandemic 105 6 Global Health, Covid- 19 and the Future of Neoliberalism 107 Dillon Wamsley and Solomon Benatar 7 From Operation Warp Speed to TRIPS: Vaccines as Assets 122 Tatiana Andersen 8 Covid- 19 and the Economy of Care: Disability and Aged Care Services into the Future 136 Laura Davy and Helen Dickinson PART III The Future of Production, Money, Energy, and Food Regimes 151 9 Covid- 19 and the Future of Work: Continuity and Change in Workplace Precarity 153 Tom Barnes, Dani Cotton, and Rakesh Kumar 10 MMT, the Pandemic, and the Fiscal Deficit Fright 169 Tim Di Muzio 11 Carbon Capitalism, the Social Forces of Annihilation, and the Future of Energy 187 Matt Dow 12 Covid- 19 and the Future of Food 204 Philip McMichael Conclusion: The Ongoing Covid- 19 Dystopia: A Crossroads for Critical IPE and Humanity 220 Tim Di Muzio and Matt Dow Bibliography 235 Index 287 NOTES ON CONTRIBUTORS Tatiana Andersen is a PhD Candidate and academic teacher at the University of Wollongong, Australia. Her transdisciplinary research explores the political economy of the biosciences, focusing on the complex intersections between finance, owner- ship, and technoscientific research. Tom Barnes is an economic sociologist and precarious work researcher at the Australian Catholic University (ACU). He is currently researching global ware- house logistics and automotive manufacturing. Solomon Benatar is Emeritus Professor of Medicine at the University of Cape Town (UCT), South Africa, and Adjunct Professor at the University of Toronto’s Dalla Lana School of Public Health, Canada. He was Chief of Medicine at UCT and Groote Schuur Hospital for 19 years and Founding Director of the UCT Bioethics Centre for 20 years. His academic interests have included respiratory medicine, health services, human rights, academic boycott, medical ethics, cross- cultural dialogue, and global health. Dan Bousfield is an assistant professor at the University of Western Ontario, Canada. He researches social movements, protests, and critical political economy, with an emphasis on psychoanalysis, technology, pedagogy, and resistance. His methodological frameworks draw on critical pedagogy to examine the everyday exclusions built into technology and politics through race, gender, and settler colo- nial sensibilities. Dani Cotton is a PhD Candidate in Political Economy at the University of Sydney, Australia, researching Australian migration. They work on automation,
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