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The role of trade relations in the survival of economies during a global pandemic

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The role of trade relations in the survival of economies during a global pandemic

Without a doubt, global pandemics are a significant threat throughout the world since they impact not only the health of societies but also people’s livelihoods (Dietz, and Black, pp17). Moreover, if a global pandemic is not contained quickly, it would have a significant impact on the economy. Also, despite the economic effects of pandemics not being long-term, they are dominant enough to close some businesses and enhance the rate of unemployment. One of the most significant pandemics in modern history is the Spanish Flu, and it led to the suffering of many service businesses across the globe. The current pandemic that the world is grappling with, which is the Corona Virus has led to the closure of numerous companies around the world, and already millions of persons are filing for unemployment (Dietz, and Black, pp15). Arguably, every pandemic is unique, and this makes it difficult for an economist to predict the effect that the current and future pandemics will have on the global economy and the world in general. Further, according to the economic experts, trade relations have a significant role to play when economies try to survive global pandemics. Trade relations encourage nations to trade globally hence encouraging all the countries to participate in building the world economy (Dietz, and Black, pp21). More importantly, trade relations permit the wealthy nations and those nations with natural resources to utilize their resources efficiently and create products that they can sell to the other nations. The essay looks at how the survival of the world, when faced with a pandemic, is anchored on the ability of the individual countries and regions to work together for the common good as opposed to the economic rivalry that mostly brings about a hegemony where those at the top try to outdo each other at the expense of many other necessary aspects of life.

Overview of the namesake book and how it looks at globalization

In the namesake novel, the importance of globalization is seen. The two significant characters Ashima and Ashoke, are immigrants, and they struggle to build their lives in the United States (LAHIRI, pp02). Ashima and Ashoke experience a clash between the Indian and American cultures, especially when it comes to food. For Ashima, the Indian culture sheltered her, and her lack of exposure to the outside world made it hard for her to understand the American culture, and she struggled to assimilate into the new religion. She was even terrified to raise her child in a new land and what she and Ashoke struggle to hold on to their cultural identity. For instance, she associates with persons from her cultural background so that she could at least feel close to her home and persons (LAHIRI, pp11). Further, the name Ashima means, ‘she who is limitless, without borders.’ The name truly reflects who Ashima is because, in the end, she can neither call India nor America home. She has decided to preserve her Bengali culture while at the same time making changes for her children so that they could have American food and celebrate American holidays. Similarly, she makes sure that her children are well informed about their roots and especially food, customs, belief, and habits. The novel demonstrates the journey that globalization has undergone (LAHIRI, pp17). Over the years, people rejected globalization since they felt that it could adversely impact their cultures. However, the views of people’s changed as people began to embrace other cultures after they realized the importance of globalization when it comes to economic growth, dealing with health challenges, and even dealing with other emerging issues such as terrorism.

The role of trade relations in the survival of economies during a global pandemic

Arguably trade relations play a significant role in the survival of economies during global pandemics despite some policymakers who are for protectionist policies stating that trade relations have no role in the survival of economies. Instead, protectionists believe that pandemics kill globalization since the Spanish Flu killed the first wave of globalization. According to them, pandemics expose the fragility of globalization and ultimately, trade relations. However, for people like the investors and manufacturers, trade relations are critical during global pandemics since they depend on trade relations to boost the global supply chains and avoid worsening of economic inequality among nations and also within them.

Moreover, because of trade relations, nations all over the globe have access to technology, and the capacity at which they can acquire scientific and biological knowledge has been enhanced. For instance, because of trade relations, first world countries like Germany use their technology to help other nations across the world to understand the pathogens that they are fighting hence the ability to make suitable economic decisions that will help mitigate the economic risks that the world is fighting. Further, for the economies to be able to survive, they have to first deal with the global pandemic conclusively. In the 21st century, most economies are deeply international in their supply chains, and this means that the medical fight against pandemics has to be a global one. For instance, currently, nations such as the united states require ventilators to deal with the coronavirus, and the needs of countries exceed the complete global production. The shortage of ventilators is primarily because they are complex to make, and they require high sanitary standards. Without a doubt, the lack of these ventilators, which are vital in the fight against the global pandemic cannot be solved within national borders an because of trade relations, nations like China will be able to ensure ventilators are available not only in the united states but also across the world. Therefore, to curb the spread of the coronavirus and deal with the pandemic, the world needs globalization more than ever.

Further, for capitalists’ nations, they are usually faced with the question about the resources that they need to set aside from the profit-seeking ventures to protect themselves. Typically, the military and healthcare systems are under the category of necessary expenditures that are protective and not productive. However, pandemics are emergencies that lead to constraints in resources, and economies have to deal with sustaining the circulation of essential goods and services. In the short run, most of the countries are focused on the prevention of diseases to save livelihoods, and this puts the forms of production, such as labor and capital at risk. Therefore there is a need for governments and organizations such as the World Bank and IMF to intervene to protect the global economy. For instance, presently, because of the Corona Virus pandemic, the World Bank and IMF are calling on wealthy nations to not only help the developing countries but also write off their debts. It is because, for the economies of the western nations to survive, they need the economics of the emerging nations.

Additionally, pandemics stretch the workforces of economies since these economies depend on vital workers like transport sector employees, doctors, nurses, grocery store employees, technology employees, and sanitation workers to keep the society functioning. However, since global pandemics are enormous and require a lot of workforces, most economies do not have enough workforces to dress the impacts of global economies. Therefore, there is a need for economies across the world to share the labor between them and help those nations that have been overwhelmed. For instance, a country can help another nation with healthcare workers to boost the morale of healthcare employees and also help them deal with the surge in patients. Therefore, if these countries have had trade relations, it would be easy for the states to contact each other in case of any shortage. However, some countries and policymakers believe those global pandemics destroy trade relations hence making it hard for these relations to help in the survival of economies. With the increase in the human population globally, pandemics have become frequent, and the social and economic structures need to change in the very country to make sure that societies can cushion themselves and protect their economies in case of a global pandemic. According to these policymakers, globalization only helps to enhance the impact of global pandemics, and countries have to make sure that their supply chains are national instead of being universal. Further, no country knowns how long a pandemic will last, and every country needs to try and make sure that its citizens are okay before trying to save the world. Finally, according to these policymakers, some countries like china withhold essential information, and these countries need to be punished by isolating them instead of having trade relations with them.

Conclusion

Finally, in the present multipolar world, the private sector, governments, international institutions, academia, and non-governmental organizations need to work together to prepare and deal with the global threat of pandemics. It is because pandemics pose a lot of danger, and lack of unity only leads to pandemics further destroying the world in various ways, such as causing a lot of deaths and leading to the collapse of the economy. By working together, economies boost their capabilities in multiple sectors such as research and development, health systems, surveillance, and, more importantly, emergency response. Therefore, trade relations need to not only be about how we can boost our global economic growth but also about how the world is prepared for pandemics before it is too late. Moreover, globalization has, over the years, proven to be a beneficial force that augments economic growth and permits new ideas and concepts vital for enhancing the lives of persons across the world. Therefore, during global pandemics, we need globalization more since the connectedness of the world is the foundation for the survival of the economies. It is only through maintaining global relations that the world can deal with the unforeseen threat of global pandemics on our economy and ultimately help access trade and transportation networks even the world is on lockdown because of a pandemic.

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