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Interrogating Globalization in an Asian Context: A Webinar
After the COVID-19 pandemic sent the global and national economies into the deepest recession since the second world war, the pall it cast over the world is said to be lifting. Today, discussions on the post-pandemic world focus on two scenarios. Leading international financial institutions have begun to signal a global economic boom, with Morgan Stanley, for instance, predicting a “synchronized recovery” (https://www.morganstanley.com.au/2021-outlook). This optimism stems largely from a revisionist telling of the recession: focusing on the virus, it suggests that quick recovery is possible because the financial system remained intact (unlike, it argues, the 2007 recession). The other scenario focuses on the uneven recovery across and within countries. Such analyses stress the differential impact of the pandemic due to existing or emerging global and national or social inequalities and is largely contingent on government action, including the infusion of massive fiscal stimulus to ensure the survival of domestic industries and society.

The analyses of the post-pandemic world will influence the answer to the question of whether developing countries, like the Philippines, will emerge from the economic crisis better able to withstand future emergencies due to the vagaries of the rapidly globalizing world, whether financial or other economic shocks or cross-border environmental, geopolitical, or health crises. Analyses that downplay strong state capacity to deliver health care, social protection, and economic services that helped developed countries deprives developing countries the policy space to adopt similar measures in order to salvage their own economies. Instead, we may very see a redux of the 2007 recession that saw developed countries, suffering from depressed consumer demand at home, looking to further open up the vast Asian markets for

Nov 29, 2021 10:30 AM in Singapore

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