Abstract
Full Text
The economics of pandemics and the future course of populism
İbrahim Öztürk The University of Duisburg-Essen & European Center for Populism Studies
The relevant literature shows that populists come to power through various rhetorics by exploiting the incumbent orders and the problems they have caused. However, failures and disappointments in fulfilling their promises push them to employ increasingly authoritarian measures to silence society to stay in power by gradually changing the system, manipulating citizens through controlling media, and undermining fundamental institutions. By emphasizing the overall performance of populist governments during the COVID-19 pandemic crisis, this article explores the future course of populist politics and governments after the pandemic. The paper concludes that although the pandemic has clearly shown the limits and capacity of many populist governments, the political and economic conjuncture in the post-pandemic era, coupled with the high tension of power transition, might bring new “opportunities” for the use of populists. With several defects and structural weaknesses of the existing liberal multilateral order, populism is here to stay with different implications for the multilateral liberal order and globalization.
References
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Abstract
Full Text
The economics of pandemics and the future course of populism
İbrahim Öztürk The University of Duisburg-Essen & European Center for Populism Studies
The relevant literature shows that populists come to power through various rhetorics by exploiting the incumbent orders and the problems they have caused. However, failures and disappointments in fulfilling their promises push them to employ increasingly authoritarian measures to silence society to stay in power by gradually changing the system, manipulating citizens through controlling media, and undermining fundamental institutions. By emphasizing the overall performance of populist governments during the COVID-19 pandemic crisis, this article explores the future course of populist politics and governments after the pandemic. The paper concludes that although the pandemic has clearly shown the limits and capacity of many populist governments, the political and economic conjuncture in the post-pandemic era, coupled with the high tension of power transition, might bring new “opportunities” for the use of populists. With several defects and structural weaknesses of the existing liberal multilateral order, populism is here to stay with different implications for the multilateral liberal order and globalization.
References
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— (2020). “COVID-19 crisis. How south-south cooperation can support economic recovery.” UNCTAD. June 3, 2020. https://unctad.org/fr/node/3025 (accessed on September 2, 2021).
— (2020). “24 industries and technologies that will shape the post-virus world.” CBI Insights Report. https://www.cbinsights.com/reports (accessed on August 28, 2021).
— (2020). “Global Trends.” IPSOS https://www.ipsos.com/sites/default/files/ct/publication/documents/2020-02/ipsos-global-trends-2020-understanding-complexity_1.pdf (accessed on August 23, 2021).
— (2020). Risk, resilience, and rebalancing in global value chains. McKinsey Global Institute. https://www.mckinsey.de/~/media/mckinsey/locations/europe%20and%20middle%20east/deutschland/news/presse/2020/2020-08-06%20mgi%20global%20value%20chains/risk-resilience-and-rebalancing-in-global-value-chains-full-report-vf.pdf(accessed on August 24, 2021).
— (2021). “Digital adoption in healthcare. Reaction or revolution? Health and Life Sciences Experience Survey–US findings.” Accenture. https://www.accenture.com/_acnmedia/PDF-161/Accenture-Digital-Adoption-In-Healthcare.pdf#zoom=40 (accessed on October 1, 2021).
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— (2021). Lessons learnt from the COVID-19 pandemic from a financial stability perspective. The Financial Stability Board (FSB) Interim report. https://www.fsb.org/wp-content/uploads/P130721.pdf
— (2021). “Autocratization turns viral. Democracy Report.” V-Dem. https://www.v-dem.net/media/filer_public/74/8c/748c68ad-f224-4cd7-87f9-8794add5c60f/dr_2021_updated.pdf.
—(2022). “The monetary-fiscal policy nexus in the wake of the pandemic.”
BIS, No 122, March 2022. https://www.bis.org/publ/bppdf/bispap122.pdf
— (2021). Post Covid-19 value chains: options for reshoring production back to Europe in a globalised economy. The European Parliament, Policy Department, Directorate-General for External Policies.
—(2022). “Yen, Supply Chain Chaos Send Japan Manufacturers Home.” Bloomberg, 16 May. https://www.bloomberg.com/news/articles/2022-05-15/japan-manufacturers-return-home-fueling-demand-for-tokyo-steel?leadSource=uverify%20wall
— (2022). “Time to Bring Your Supply Chain ‘Home’?” FTI Consulting, August, 01.
https://www.fticonsulting.com/insights/fti-journal/time-consider-bringing-supply-chain-home
Acemoglu, D., Egorov, G., Sonin, K. (2011). “A political theory of populism.” NBER Working Papers. No 17306.
Acharya, A. (2017). Global governance in a multiplex world. Robert Schuman Centre for Advanced Studies (RSCAS), 29, Global Governance Programme-266.
Acharya, A. (2018). Constructing global order. Agency and change in world politics. Cambridge: Cambridge University Press.
Adams, H. S. (2022). “Re-shore: manufacturers come home to strengthen supply chain.”
Manufacturing. August 30. https://manufacturingdigital.com/procurement-and-supply-chain/reshore-manufacturers-come-home-to-strengthen-supply-chain.
Agarwal, R. and Gopinath, G. (2021). “A proposal to end the COVID-19 pandemic.” IMF, Staff Discussion Notes, No. 004. https://www.elibrary.imf.org/view/journals/006/2021/004/006.2021.issue-004-pt.xml (accessed on October 19, 2021).
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Balduzzi, P. et al. (2020). “Populism, political risk and the economy. What we can learn from the Italian experience?”VOX-EU. February 20, 2020. https://voxeu.org/article/populism-political-risk-and-economy (accessed on August 16, 2021).
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Off-shoring and agglomeration in the global economy. University of Oxford and CEPR, Number 544 March.
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Abstract
Full Text
The economics of pandemics and the future course of populism
İbrahim Öztürk The University of Duisburg-Essen & European Center for Populism Studies
The relevant literature shows that populists come to power through various rhetorics by exploiting the incumbent orders and the problems they have caused. However, failures and disappointments in fulfilling their promises push them to employ increasingly authoritarian measures to silence society to stay in power by gradually changing the system, manipulating citizens through controlling media, and undermining fundamental institutions. By emphasizing the overall performance of populist governments during the COVID-19 pandemic crisis, this article explores the future course of populist politics and governments after the pandemic. The paper concludes that although the pandemic has clearly shown the limits and capacity of many populist governments, the political and economic conjuncture in the post-pandemic era, coupled with the high tension of power transition, might bring new “opportunities” for the use of populists. With several defects and structural weaknesses of the existing liberal multilateral order, populism is here to stay with different implications for the multilateral liberal order and globalization.
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