Political Economy of Development in the Global South Post-COVID-19 Pandemic

This volume brings together contributions from the academic community, policymakers, and practitioners to delve into the profound challenges facing the international system in the aftermath of the COVID-19 pandemic. With a focus on the Global South, it offers a comprehensive analysis of the political economy of development in this region, considering the economic, social, and geopolitical factors at play. The book addresses the multifaceted challenges that developing countries encounter in terms of economic growth, poverty reduction, and social development in a post-pandemic world. It examines the impact of the pandemic on these countries and explores innovative strategies for promoting economic recovery and sustainable development. It is an invaluable resource for anyone interested in understanding the political economy of development in the Global South post covid-19 pandemic. It provides a comprehensive overview of the challenges facing developing countries and offers valuable insights into the potential solutions that can be implemented to foster economic recovery and development. Its interdisciplinary approach and diverse perspectives make it a valuable resource for anyone interested in the dynamics of development in the Global South. Preface Introduction Contents About the Editors Part I Sustainable Development Challenges in the Post-COVID-19 Era 1 Beyond the Pandemic: The Promise of Degrowth in the Global South 1.1 Introduction 1.1.1 Deconstructing Development 1.1.2 Post-Development as a Counter Paradigm 1.2 Normative Justification: Amartya Sen’s Capabilities Approach 1.2.1 Misguided Political Theory 1.2.2 Capabilities Approach 1.3 The Political Economy of Karl Polanyi 1.3.1 Karl Polanyi and Social Embeddedness 1.3.2 Polanyi, Sen, and Ontology 1.4 The Promise of Degrowth in the Global South 1.4.1 The Political-Economic Context 1.4.2 Degrowth in the Global South 1.4.3 From “Real Utopia” to Real Policies 1.5 Conclusion References 2 Addressing Technology, Economics and Climate Change-Related Challenges in the Global South in the Post-COVID-19 World 2.1 Introduction 2.2 Mounting Debt in the South and Deeper Global Economic Divide 2.2.1 Fault Lines in the Global Monetary and Trading Architecture 2.2.2 Lacunae in the WTO and the Global Multilateral Trade Processes 2.3 Technological and Digital Divide 2.3.1 Digital Technologies Help Create Better Awareness About the Economic Divide 2.3.2 The Absence of Digital Capabilities Can Impact Multiple Economic or Other Sectors, Including the Security Infrastructure of Countries 2.4 Climate Change Trends 2.5 Impact of COVID-19 2.6 Other Issues 2.6.1 Simmering Unrest and Discontent in the South Might Precipitate Disruptive and Existential Challenges 2.6.2 Interdependence Between Economies 2.7 Possible Options 2.7.1 Diluting the Technology and Digital Divide 2.7.2 Opening up Alternate Online Economic and Business Opportunities Through Better Digital Infrastructure 2.7.3 Enhancing South–South Cooperation 2.7.4 Climate Change Possibilities 2.8 Concluding Remarks 2.8.1 Empowering Communities in the Global South 2.8.2 Formulating Informed and Analytical Insights and Coordinating Positions on Important Multilateral and Global Issues in the South 2.8.3 Reaching Out to NGOs and Other Entities in the North 2.8.4 Improved Prospects for Focusing on Climate Change Aspects as Economic Priorities Get Better Addressed in the South 2.8.5 Diverting Valuable Resources Being Spent on the Upgradation of Defence and Security-Related Equipment in the North for Developmental Purposes in the South 2.8.6 Reform of UN Processes to Curtail Security and Terrorism Risks Posed for the South References 3 Political Economy of Globalization and Human Development: Experience from South Asian Countries 3.1 Introduction 3.2 Objectives 3.3 Methodology 3.4 Results and Discussion 3.4.1 Political Economy of Globalization and Human Development 3.4.2 Progress of Human Development Under Globalization 3.4.3 Human Development in South Asia 3.5 Conclusions References 4 ASEAN Economies in the COVID-19 Post-pandemic Crisis 4.1 Introduction 4.2 The ASEAN, COVID-19 and Post-Pandemic Crisis: A Brief Overview 4.3 Methodology and Data 4.4 Results and Discussion 4.4.1 Impacts of COVID-19 on ASEAN Economies 4.4.2 Policies and Outcomes of the AMS in Response to the COVID-19 Pandemic 4.4.3 External Challenges Affecting ASEAN’s Post-Pandemic Strategy 4.4.4 Opportunities and Possibilities for Growth in the Post-Pandemic 4.5 Conclusion References Part II Impact of the COVID-19 Pandemic on Vulnerable Groups: Women and Migrants 5 Women's Empowerment and Sustainable Development Goals in the Post-COVID-19 Era 5.1 Introduction 5.2 Literature Review 5.3 Methodology 5.4 Discussion 5.4.1 Women Empowerment: Concept Definition 5.4.2 COVID-19 Pandemic Impacts on Women 5.4.3 Impacts of the Pandemic on the SDGs—Goal 5 5.4.4 The Pandemic and Violence Against Women 5.4.5 Health Impacts of the Pandemic on Women 5.4.6 Economic Impacts of the Pandemic on Women 5.4.7 COVID-19 Pandemic and Girls’ Education 5.4.8 Gender Responsive Measures Adopted by Governments to the COVID-19 Pandemic 5.5 Findings and Conclusion 5.6 Recommendations and Policy Implications 5.7 Future Work References 6 Evaluating Public Policy Approaches to Women’s Empowerment During the COVID-19 Pandemic: A Perspective from the Global South 6.1 Introduction 6.2 Literature Review 6.3 Methodology 6.4 Gender Disparity in Public Policymaking 6.5 Impact of the COVID-19 Pandemic on Women of the Global South 6.5.1 Assessing the Impact of the COVID-19 Pandemic Regionally in the Global South 6.5.2 COVID-19 Pandemic and Policy Responses to Women’s Empowerment 6.5.3 Economic Responses of the Governments in the Global South: IMF Policy Tracker 6.6 Women-Centric Policy Measures Adopted by Countries in the Global South 6.7 Policy Reforms: The Way Forwards 6.8 Conclusion References 7 Governing Migrant Workers Post-COVID-19 in Southeast Asia: Vulnerability, Mitigation and Transformative Agenda 7.1 Introduction 7.2 Research Method 7.3 Results and Discussion 7.3.1 The Vulnerability of Southeast Asian Migrant Workers During the Pandemic COVID-19 Crisis 7.3.2 Southeast Asian Countries’ Transnational Mitigation Cooperation Mechanism on Migrant Worker Issues 7.3.3 The Post-COVID Transformative Agenda and Future of Migrant Workers 7.4 Conclusions, Recommendations and Future Work References Part III Markets, Finance and Development Challenges in the Global South Post-COVID-19 Pandemic 8 Identifying the Factors Affecting International Financial Institutions Lending to Pakistan in the Context of Political Economy 8.1 Introduction 8.2 Literature Review 8.3 International Financial Institutions Lending to Pakistan: Evidence 8.4 The Political Economy of International Financial Institutions Lending to Pakistan 8.4.1 Determinant of International Financial Institutions Lending Decision: Hypothesis 8.4.2 Impact of the COVID-19 Pandemic on International Financial Institutions Lending to Pakistan 8.4.3 Data and Methodology 8.5 Results and Discussion 8.6 Conclusions and Recommendations 8.7 Future Work References 9 The Changing Dynamics of Commodity Markets Volatility: Evidence from Major Commodity Indices 9.1 Introduction 9.2 Data and Methodology 9.3 Results and Discussion 9.4 Conclusion Appendix References 10 Unpacking Financial Literacy: A Critical Conceptual Model for the Global South 10.1 Introduction 10.2 Review of Literature 10.3 Methodology 10.4 Key Aspects of the Financial Literacy Narrative 10.4.1 The Germination of Financial Literacy 10.4.2 Nationwide Strategies to Promote Financial Education 10.4.3 Financial Literacy Profiling 10.4.4 Theoretical Underpinnings of Financial Literacy 10.5 Unpacking Assumptions of the Financial Literacy Model 10.5.1 Micropositioning 10.5.2 Efficient Capital Market Theorizing 10.5.3 Homoeconomicus 10.5.4 Contextualizing Financial Literacy for the Global South 10.6 Conceptual Financial Literacy Model for the Global South 10.7 Conclusion 10.7.1 Key Insights and Contributions 10.7.2 Future Financial Literacy Agenda References