On the atypical economic crisis under the COVID-19 pandemic (COVID-19-ის პანდემიის პირობებში ატიპური ეკონომიკური კრიზისის შესახებ)
Loading...
Date
2020
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
This article examines the nature of the economic crisis that has formed
due to the COVID-19 pandemic. It is justified that this crisis, called the
coronomic crisis, is in fact atypical. The coronomic crisis is fundamentally
different from other atypical economic crises. The coronomic crisis did not
originate in the economy itself and its completion depends only on the
success of medicine in the fight against the coronavirus. Anti-crisis economic
measures in the context of this crisis are aimed at social assistance to needy
members of society and support for those firms that have suspended or
reduced their activities due to the pandemic. The coronomic crisis forced
us to take a fresh look at the globalization process. The process of forced
de-globalization caused by it is temporary, since overcoming the pandemic
is possible only on the basis of a global approach. Atypical economic crises
should be the subject of a special study for economics.
Description
Ahearne A. G., Shinada N. (2005). Zombie Firms and Economic Stagnation in Japan.
International Economics and Economic Policy, Vol. 2, No. 4.
Baldwin R., Mauro B.W. di, eds., (2020). Mitigating the COVID Economic Crisis: Act
Fast and Do Whatever It Takes. London, CEPR Press, https://voxeu.org/content/
mitigating-covid-economic-crisis-act-fast-and-do-whatever-it-takes?fbclid=IwAR-
2tO7kRFEGS1_3J88oedtd1G3CARE4S0PFDSmOFJeSzH5tfEi6Odu55Fx8, (last accessed
November 23, 2020).
Blair T., Kalibata A. (2020). Building Food Security During the Pandemic. Project
Syn dicate, May 7, https://www.project-syndicate.org/commentary/four-waysto-
boost-food-security-during-covid19-pandemic-by-tony-blair-and-agnes-kalibata-
2020-05?utm_source=Project%20Syndicate%20Newsletter&utm_campaign=
2ad6876daf-sunday_newsletter_10_05_2020&utm_medium=email&utm_term=
0_73bad5b7d8-2ad6876daf-93567601&mc_cid=2ad6876daf&mc_eid=e9fb6cbcc0&
barrier=accesspaylog, (last accessed November 23, 2020).
Bukharin N., (2003). The Politics and Economics of the Transition Period. Abingdon,
UK, Routledge.
de Alwis A. (2020). Coronomics – Plan Your Eggs and the Basket! Daily FT, February
25, http://www.ft.lk/columns/Coronomics-%E2%80%93-Plan-your-eggs-and-thebasket-/
4-695109, (last accessed November 23, 2020).
Eichengreen B. (2020). Coronanomics 101. Project Syndicate, March 10, https://www.
project-syndicate.org/commentary/limits-macroeconomic-tools-coronavirus-pandemic-
by-barry-eichengreen-2020-03?utm_source=Project+Syndicate+Newsletter&utm_campaign=cba7e1c6a1-sunday_newsletter_15_03_2020&utm_medium=email&
utm_term=0_73bad5b7d8-cba7e1c6a1-93567601&mc_cid=cba7e1c6a1&mc_eid=
e9fb6cbcc0, (last accessed November 23, 2020).
El-Erian M. A. (2020). Navigating Deglobalization. Project Syndicate, May 11, https://
www.project-syndicate.org/commentary/covid19-deglobalization-two-prioritiesby-
mohamed-a-el-erian-2020-05?utm_source=Project%20Syndicate%20Newsletter&
utm_campaign=3ce69c95d3-sunday_newsletter_17_05_2020&utm_medium=email&
utm_term=0_73bad5b7d8-3ce69c95d3-93567601&mc_cid=3ce69c95d3&mc_eid=
e9fb6cbcc0&barrier=accesspaylog, (last accessed November 23, 2020).
Geller A., Wiseman P., Rugaber C. (2020). Outbreak Starts to Look More Like Worldwide
Economic Crisis. Herald Tribune, February 28, https://www.heraldtribune.
com/business/20200228/outbreak-starts-to-look-more-like-worldwide-economic-
crisis, (last accessed November 23, 2020).
Ghebreyesus T. A. (2020). WHO Director-General’s Opening Remarks at the Media
Briefing on COVID-19 – 11 March 2020. World Health Organization, March 11, https://
www.who.int/dg/speeches/detail/who-director-general-s-opening-remarks-atthe-
media-briefing-on-covid-19---11-march-2020, (last accessed November 23,
2020).
Haass R. N., (2020). Deglobalization and Its Discontents. Project Syndicate, May 12,
https://www.project-syndicate.org/commentary/deglobalizaton-discontents-byrichard-
n-haass-2020-05?utm_source=Project%20Syndicate%20Newsletter&utm_
campaign=3ce69c95d3-sunday_newsletter_17_05_2020&utm_medium=email&utm_
term=0_73bad5b7d8-3ce69c95d3-93567601&mc_cid=3ce69c95d3&mc_eid=e9fb6cbcc0&
barrier=accesspaylog, (last accessed November 23, 2020).
Hatheway L. (2020). A COVID-19 Emergency Response Plan. Project Syndicate, February
27, <https://www.project-syndicate.org/commentary/covid-19-economy-response-
plan-by-larry-hatheway-2020-02, (last accessed November 23, 2020).
IMF, (2020). Policy Responses to COVID-19. International Monetary Fund, April 10,
November 5, https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-
to-COVID-19, (last accessed November 23, 2020).
Krugman P. (2020). Arguing with Zombies: Economics, Politics, and the Fight for a
Better Future. New York, W.W Norton & Company.
Mazzucato M., Torreele E., (2020). How to Develop a COVID-19 Vaccine for All. Project
Syndicate, April 27, https://www.project-syndicate.org/commentary/universal-
free-covid19-vaccine-by-mariana-mazzucato-and-els-torreele-2020-04?utm_
source=Project%20Syndicate%20Newsletter&utm_campaign=64d8372856-sunday_
newsletter_03_05_2020&utm_medium=email&utm_term=0_73bad5b7d8-
64d8372856-93567601&mc_cid=64d8372856&mc_eid=e9fb6cbcc0&barrier=accesspaylog,
(last accessed November 23, 2020).
Papava V. (2020a). Coronomic Crisis: When The Economy Is A Hostage To Medicine. Eurasia Review, March 29, https://www.eurasiareview.com/29032020-coronomiccrisis-
when-the-economy-is-a-hostage-to-medicine-oped/, (last accessed November
23, 2020).
Papava V. (2020b). Features of the Economic Crisis Under the COVID-19 Pandemic
and the Threat of the Zombie-ing of the Economy. Bulletin of the Georgian National
Academy of Sciences, Vol. 14, No. 3, No. 2.
Roach S. S. (2020). The False Crisis Comparison. Project Syndicate, March 19, https://
www.project-syndicate.org/commentary/covid-19-crisis-nothing-like-2008-by-stephen-
s-roach-2020-03, (last accessed November 23, 2020).
Rogoff K. (2020). Deglobalization will Hurt Growth Everywhere. Project Syndicate,
June 3, https://www.project-syndicate.org/commentary/deglobalization-threat-toworld-
economy-and-united-states-by-kenneth-rogoff-2020-06?utm_source=Project%
20Syndicate%20Newsletter&utm_campaign=56f4462bc8-sunday_newsletter_
07_06_2020&utm_medium=email&utm_term=0_73bad5b7d8-56f4462bc8-
93567601&mc_cid=56f4462bc8&mc_eid=e9fb6cbcc0&barrier=accesspaylog, (last
accessed November 23, 2020).
Sachs J. (2017). Global Cooperation is the Only Way Forward for the US. World Economic
Forum, January 6, https://www.weforum.org/agenda/2017/01/jeffrey-sachsglobal-
cooperation-is-the-only-way-forward-for-the-us/, (last accessed November
23, 2020).
Shlaes A., (2007). The Forgotten Man: A New History of the Great Depression. New
York, Harper Perennial.
Stiglitz J. E. (2020a). Plagued by Trumpism. Project Syndicate, March 9, https://
www.project-syndicate.org/commentary/trump-coronavirus-failure-of-small-government-
by-joseph-e-stiglitz-2020-03?utm_source=Project+Syndicate+Newsletter&
utm_campaign=cba7e1c6a1-sunday_newsletter_15_03_2020&utm_medium=email&
utm_term=0_73bad5b7d8-cba7e1c6a1-93567601&mc_cid=cba7e1c6a1&mc_eid=
e9fb6cbcc0, (last accessed November 23, 2020).
Stiglitz J. E. (2020b). Priorities for the COVID-19 Economy. Project Syndicate, July
1, https://www.project-syndicate.org/commentary/covid-2020-recession-how-torespond-
by-joseph-e-stiglitz-2020-06?utm_source=Project+Syndicate+Newsletter&
utm_campaign=67133fbc7b-covid_newsletter_02_07_2020&utm_medium=email&
utm_term=0_73bad5b7d8-67133fbc7b-93567601&mc_cid=67133fbc7b&mc_eid=
e9fb6cbcc0, (last accessed November 23, 2020).
Stiglitz J. E., Rashid H. (2020). How to Prevent the Looming Sovereign-Debt Crisis.
Project Syndicate, July 31, https://www.project-syndicate.org/commentary/howto-
prevent-looming-debt-crisis-developing-countries-by-joseph-e-stiglitz-andhamid-
rashid-2020-07?barrier=accesspaylog, (last accessed November 23, 2020).
Keywords
pandemic COVID-19, atypical economic crisis, coronomic crisis, anti-crisis economic measures, globalization, de-globalization
Citation
Economics and Business, №4, 2020, pp. 9-16