The Political Economy of Covid-19 Covid-19, Inequality and Government Responses

This comprehensive book brings together research published during 2021 analysing the impact of the Covid-19 pandemic on the economy – on output and employment, on inequality, and on public policy responses. The Covid-19 pandemic has been the greatest public health crisis for a century – since the ‘Spanish Flu’ pandemic of 1919. The economic impact has been equally seismic. While it is too early to measure the full economic cost – since much of this will continue to accumulate for some time to come – it will certainly be one of the greatest global economic shocks of the past century. Some chapters in this edited volume report on specific countries, while some take a comparative look between countries, and others analyse the impact upon the global economy. Even before the Covid-19 pandemic, there had been calls for a ‘great reset’ in face of the climate crisis, the increased income and wealth inequality, and the need to avoid further global financial crisis. With the devastating Covid-19 pandemic – a harbinger for further such pandemics – there is an even greater need for a reset, and for the reset to be that much greater. The chapters in this book were originally published as special issues in the journal International Review of Applied Economics.

Introduction: Building back better?Jonathan Michie and Maura Sheehan Part1: Causes, Effects and Impact of the COVID-19 Crisis 1. Organizational participation in post-covid society: its contributions and enabling conditions John Child 2. The psychological consequences of COVID-19 lockdowns Kien Le and My Nguyen 3. COVID-19: effectiveness of socioeconomic factors in containing the spread and mortality Joshua Ping Ang, Fang Dong and Jason Patalinghug 4. Is there a shift contagion among stock markets during the COVID-19 crisis? Further insights from TYDL causality test Amine Ben Amar, Néjib Hachicha and Nihel Halouani 5. Health risk and the efficient market hypothesis in the time of COVID-19 Evangelos Vasileiou, Aristeidis Samitas, Maria Karagiannaki and Jagadish Dandu 6. Behavioral finance and market efficiency in the time of the COVID-19 pandemic: does fear drive the market? Evangelos Vasileiou 7. Analysis of containment measures and economic policies arising from COVID-19 in the European Union Javier Cifuentes-Faura 8. Covid 19: Ramifications for progress towards the sustainable development goals (SDGs) in Nigeria O’Raye Dicta Ogisi and Toritseju Begho 9. The political risk factors of COVID-19 J. Eduardo Vera-Valdés 10. A green new deal and debt sustainability for the post COVID-19 world Juan Rafael Ruiz and Patricia Stupariu 11. COVID-19 and the Chinese economy: impacts, policy responses and implications Kerry Liu Part 2: Covid-19, Inequality, and Government Responses 12. The ‘Great Reset’ to tackle Covid-19 and other crises Jonathan Michie and Maura Sheehan 13. The Covid-19 pandemic and economic stimulus in India: has it been a hostage of macroeconomic complications? Himadri Shekhar Chakrabarty, Partha Ray and Parthapratim Pal 14. Accounting for global value chains: rising global inequality in the wake of COVID-19? Christa D. Court, João-Pedro Ferreira, Geoffrey J.D. Hewings and Michael L. Lahr 15. Impact of pandemics on income inequality: lessons from the past Pinaki Das, Santanu Bisai and Sudeshna Ghosh 16. The Korean government’s public health responses to the COVID-19 epidemic through the lens of industrial policy Hee-Young Shin 17. The impact of COVID-19 on the Indian economy Deepak Kumar Behera, Maryam Sabreen and Deepika Sharma 18. An empirical analysis of COVID-19 response: comparison of US with the G7 Mahua Barari, Srikanta Kundu and Saibal Mitra

Jonathan Michie is Professor of Innovation and Knowledge Exchange at the University of Oxford, where he is also President of Kellogg College. He is the managing editor of the International Review of Applied Economics, and Chair of the Universities Association for Lifelong Learning. Maura Sheehan is Professor of International Management at Edinburgh Napier University. She is Associate Editor of the International Review of Applied Economics and Editor in Chief of the Journal of Organisational Effectiveness: People and Performance (JOEPP).