Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/236193
Authors: 
Dünhaupt, Petra
Herr, Hansjörg
Mehl, Fabian
Teipen, Christina
Year of Publication: 
2021
Series/Report no.: 
Working Paper No. 164/2021
Publisher: 
Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE), Berlin
Abstract: 
The COVID-19 crisis is unique in many respects and, as the IMF (2021, p. 43) puts it: "a crisis like no other". A global economic contraction occurred that was unprecedented in its speed and depth. Support packages were put together in some parts of the world that also dwarfed anything seen up to that point. Also, the massive differences in how countries, sectors and people were affected by the crisis is unusual in many respects. What is already visible is that national government policies are playing a significant role during the pandemic and its impact on social groups. In this comment, we will briefly assess the impacts of the COVID-19 pandemic up to now (July 2021) and discuss possible future trends for the reorganization of global value chains (GVCs). First, we will give an overview of the pandemic's economic and social effects as well as various policy responses by governments and international organizations. Second, we will discuss the effects of the pandemic on GVCs as well as different scenarios of further restructuring dynamics in GVCs. To conclude, we will argue that although the COVID-19 pandemic might not fundamentally alter the current globalization model, it could serve as a catalyst for already ongoing changes.
Subjects: 
COVID-19
Monetary Policy
Fiscal Policy
Crisis Management
Global Value Chains
Global North
Global South
JEL: 
E52
E62
F01
F6
Document Type: 
Working Paper

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