COVID-19 and Imperial Value: Commodity Chains, Global Monopolies, and Catastrophe Capitalism. Issue 3 (3rd July 2022)

• Record Type: Journal Article
• Authors: Suwandi, Intan; Foster, John Bellamy
• Is Part Of: International critical thought. Volume 12:Issue 3(2022)
• Page Start: 426
• Page End: 447
• Publication Date: 2022-07-03
• Subjects: COVID-19 -- imperialism -- global commodity chains -- catastrophe capitalism -- socialism; Critical thinking -- Periodicals; Current events -- Periodicals; 153.4205
• DOI: 10.1080/21598282.2022.2093772
• Languages: English
• ISSNs: 2159-8282

Abstract

ABSTRACT: Why has the COVID-19 pandemic manifested itself differently in different parts of the capitalist world-economy? The analysis here examines the way in which the system of "imperial value, " as articulated by Samir Amin and others, has governed the relations of individual nation states to the onset of SARS-CoV-2. The result is enormous disparities between the Global North and the Global South, as well as between countries that are relatively more capitalist and those that are relatively more socialist, along the socioeconomic spectrum. The impact of COVID-19 is thus mediated by a country's position within the global value chain dominated by monopolistic multinational corporations. In this way, the structure of the contemporary world system has only served to worsen the global effects of the pandemic, in line with the general character of today's catastrophe capitalism.