Oil, Health Equipment, and Trade: Revisiting Political Economy and International Relations During the COVID-19 Pandemic

ABSTRACT

The COVID-19 pandemic saw disruptions at an unprecedented global scale with deep societal impacts in cities, countries, and regions. Moreover, in a time of global urgent need for personal protective equipment, ventilators, and other health appliances and gear, both air and sea transport were halted, disconnecting manufacturing nations with consumer nations. With steep rise in demand, and impacted supply chains, nations, which were previously hailing collaborative calls to fight the pandemic, were seen to enter into a trade war of health equipment. With borders closed, nationalist policies were on the rise coupled with fears of tech-powered surveillance states. On the commodities market, the price of oil crashed leading to uncertainties as to the future for oil producing nations as the end point of the pandemic was still unclear. Altogether, the pandemic put on test not only economic structures but also geopolitical ones, where it is seen as the biggest challenge since World War II. This chapter surveys the impacts of the pandemic on the global political landscape and outlines concerns and questions for sustaining a peaceful shared future.