Abstract Title

Liberal Socialism: Path Forward to Reset the Global Economy after the Covid-19 Pandemic

Description

The global economy has been locked-down due to the Covid-19 pandemic almost for four months. Some countries have formally imposed the lockdown and in some countries, people keep themselves in self-isolation, a precautionary measure. Most international flights have been shut down and production and trading businesses have been no more in operation. The human-being came back to its humane character from the robotized behavior. Till May 28, the death toll crossed 350,000 predominantly in developed countries led by the USA. Although the virus transmission is worldwide the severity of its outbreak is relatively higher in developed countries. It has reversed the world economy creating the greatest recession around the globe since 1930s. The global pandemic is the fundamental but there are multiple devastating effects on human lives and livelihoods due to the economic stagnation. The foremost impact is on the job loss and disruption in distribution chain. The health pandemic is tending towards a severe hunger epidemic. Around 265 million people could be pushed to the brink of starvation and nearly 370 million children are missing out on nutritious school meals. Massive job loss will also hard-hit to the labour-sending countries since there will be heavy fall in remittances There are several countries suffering from multiple epidemics. WB estimates an additional 548 million people be pushed below the poverty line. The periodic recessions including present one is taken as the result of neoliberalism. Capitalism has generated massive wealth for some, but it has devastated the planet and has failed to improve human well-being. A few corporations have come to dominate entire sectors of the economy, contributing to skyrocketing inequality and slow growth. So, the research question is what short of economic policy would reset the global economy after the Covid-19 pandemic. The research would be based on the desk review of the literatures that are being published by national, international and academic agencies. Some close webinars, webbased meetings, intellectual dialogues, academic interfaces would be conducted while preparing paper to validate the information. This paper basically reviews the neoliberal policy in term of economic recessions due to the pandemic and commends policy to reset global economy. The paper is oriented to the emergence of a new system that balances economic mobility and human flourishing. It focuses on the protectionism in the market mechanism that builds better welfare state in an egalitarian manner. It will see how the concept of ‘Protective Liberalism’ can be a path forward as the socio-economic policy for ‘Liberal Socialism’ to reset the ‘Coronomics’.

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Dec 8th, 12:00 AM

Liberal Socialism: Path Forward to Reset the Global Economy after the Covid-19 Pandemic

The global economy has been locked-down due to the Covid-19 pandemic almost for four months. Some countries have formally imposed the lockdown and in some countries, people keep themselves in self-isolation, a precautionary measure. Most international flights have been shut down and production and trading businesses have been no more in operation. The human-being came back to its humane character from the robotized behavior. Till May 28, the death toll crossed 350,000 predominantly in developed countries led by the USA. Although the virus transmission is worldwide the severity of its outbreak is relatively higher in developed countries. It has reversed the world economy creating the greatest recession around the globe since 1930s. The global pandemic is the fundamental but there are multiple devastating effects on human lives and livelihoods due to the economic stagnation. The foremost impact is on the job loss and disruption in distribution chain. The health pandemic is tending towards a severe hunger epidemic. Around 265 million people could be pushed to the brink of starvation and nearly 370 million children are missing out on nutritious school meals. Massive job loss will also hard-hit to the labour-sending countries since there will be heavy fall in remittances There are several countries suffering from multiple epidemics. WB estimates an additional 548 million people be pushed below the poverty line. The periodic recessions including present one is taken as the result of neoliberalism. Capitalism has generated massive wealth for some, but it has devastated the planet and has failed to improve human well-being. A few corporations have come to dominate entire sectors of the economy, contributing to skyrocketing inequality and slow growth. So, the research question is what short of economic policy would reset the global economy after the Covid-19 pandemic. The research would be based on the desk review of the literatures that are being published by national, international and academic agencies. Some close webinars, webbased meetings, intellectual dialogues, academic interfaces would be conducted while preparing paper to validate the information. This paper basically reviews the neoliberal policy in term of economic recessions due to the pandemic and commends policy to reset global economy. The paper is oriented to the emergence of a new system that balances economic mobility and human flourishing. It focuses on the protectionism in the market mechanism that builds better welfare state in an egalitarian manner. It will see how the concept of ‘Protective Liberalism’ can be a path forward as the socio-economic policy for ‘Liberal Socialism’ to reset the ‘Coronomics’.