Acknowledgement:
At the beginning I would like to thank to my course teacher Dr. Samina Luthfa who inspired me to do the study. Then I'll also be thankful to my elder brother Mostofa Kamal who helped me a lot to complete such an important study. I also gathered data from website so, I also want to be grateful to websites.
Objectives of the study:
To analyze the consequences of Corona Virus Pandemic
To analyze the influences of Corona virus in world economy, also my locality
To explore what paradigm from economic sociology we can use to explain economic activities before and after pandemic
To discuss the exact situation of Bangladeshi people in this Corona pandemic economy
Abstract :
This is a study about Economy And Society during a Pandemic. Throughout the study I tried to explain the corona virus pandemic and its influences on human beings and economy. As I am a resident of rural area, I completed the study depending on my locality's information.
'Coronavirus' is a new phenomenon of the world. It has become the most familiar and serious issue of throughout the world in a short time. This new virus and disease were unknown before the outbreak began in Wuhan, China, in December 2019. After that the COVID-19 pandemic has resulted in over 10.3 million confirmed cases and over 5,71,570 deaths globally. It has also sparked fears of an impending economic crisis and recession. Social distancing, self-isolation and travelrestrictions have lead to a reduced workforce across all economic sectors and caused many jobs to be lost.Schools have closed down, and the need for commodities and manufactured products has decreased. In contrast,the need for medical supplies has significantly increased. The food sector is also facing increased demand due topanic-buying and stockpiling of food products. It has also affected lower class people greatly. Continuous lockdown and closing down off any kinds of institution like educational,political,organisational,economical etc institutions are also affected by the coronavirus pandemic. In response to this global outbreak, we summarise the socioeconomic effects of COVID-19 on individual aspects of the world economy.
Introduction:
'Corona Virus' indisputably this is the most familiar word throughout the world nowadays. Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus. This new virus and disease were unknown before the outbreak began in Wuhan, China, in December 2019. The COVID-19 virus spreads primarily through droplets of saliva or discharge from the nose when an infected person coughs or sneezes, so it’s important that you also practice respiratory etiquette (for example, by coughing into a flexed elbow).
At this time, there are no specific vaccines or treatments for COVID-19. That is why its sufferings are so much acute and the world is suffering from the disease constantly. The bad effects of Covid-19 are very much clear to us. As the whole world is powerless to the the disease, Bangladesh is not different.
Bangladesh witnessed its first official casualty from the Covid-19 coronavirus on March 8, 2020. Conducted in early April, this study looks at the impact of Covid-19 on the livelihoods of all walks of people of the whole country, specially urban low-income and lower middle-income people. The country is acutely suffering from Covid-19. On this study we will discuss the influences of coronvirus on all classes of people, economy, environment etc. We will also focus on the differences between the life people spent before coronavirus pandemic and the life spending after the pandemic. Then we shall try to explain the coronavirus pandemic bye using a paradigm from Economic Sociology.
About Economy and Society:
Economy and Society /Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "New economic sociology".
Economic sociology: mean a way of looking at the world that assumes that economic action is a form of social action; economic action is socially situated; and economic institutions are social constructions.The field’s core concerns as being the place in economic phenomena of personal interaction, the actions of groups and institutions, and norms and values.
As sociology arose primarily as a reaction to capitalist modernity, economics played a role in much classic sociological inquiry. The specific term "economic sociology" was first coined by William Stanley Jevons in 1879, later to be used in the works of Emile Durkheim, Max Weber and Georg Simmel between 1890 and 1920.
Impact of corona Pandemic on Society:
The COVID-19 pandemic has had far-reaching consequences beyond the spread of the disease itself and efforts to quarantine it, including political, cultural, and social implications.
A. Impact on Education: The pandemic has affected educational systems worldwide, leading to the widespread closures of schools and universities.As of 1 June 2020, globally, 1.2 billion learners (68.0 per cent of the world's total enrolled learners) were affected due to the education institute closure in 144 countries, according to UNESCO data. Bangladesh is no different. Since 17 March, all the educational institutes in the country have remained closed. Undeniably, the direct and most immediate impact of the Covid-19 on the education sector is the loss in learning opportunities. More than 36.0 million students (including 17.0 million in the primary) are now out of school.
B.Impact on Lower-middle Income People: Low income individuals are more likely to contract the coronavirus and to die from it. They suffer from the pandemic more than any walks of people. As Bangladesh is a poor country, there are a huge number lower class people and the also suffer a lot. Regular lockdown and quarantine may affect heavily on lower middle-income people.
C.Impact on Religion: The pandemic has impacted religion in various ways, including the cancellation of the worship services of various faiths. Many churches, synagogues, mosques, and temples have offered worship through livestream amidst the pandemic.
D.Impact on Family Violence: There are many reports of an increase in domestic violence and intimate partner violence attributed to lockdowns amid the COVID-19 pandemic. Violence against women and children is on the rise in Bangladesh amid the COVID-19 lockdown, according to reports. Experts say a lack of social activities and financial pressures are increasing rifts within families.
E. Impact on Older People: Older people are particularly affected by COVID-19. They need special attention during the COVID-19 crisis, and their voices, opinions and concerns are important in formulating responses. But most of the elderly people are deprived of special attention in this pandemic.
F. Impact on Agricultural Work: Agriculture is also affected by the coronavirus pandemic. Ours is an agricultural country basically and for this reason we are affected so acutely from the pandemic.
The unprecedented Covid-19 pandemic has caused disruptions to global trade, business. Bangladesh is equally affected by this contagion. Bangladesh will fall into a really difficult situation if the country remains locked down for a longer period. Here, a huge number of people live from hand to mouth. Consistent high growth has been unable to create sufficient jobs in the economy. Due to inequality of income and asset distribution, the advantages of higher GDP growth is not evident in society. Around 2 million workers in the industries will be affected by this. Around 4 million people are directly engaged with the RMG sector e.g. backward linkage industries, accessories and packaging factories and transportation sector. Recently, garment workers coming back to Dhaka amid the government-imposed shutdown and the risk of getting infected only revealed that due to disparity in wealth distribution these people are unable to stay at homes without work for their survival, thus, they are concerned much more about their job rather than Covid-19.
Economic Activities During Pandemic in my Locality:As mentioned above I am a resident of a rural village under Jhenaidah district. Jhenaidah's economy basically depends on agriculture. On the other hand, there are some small industries, garment factories etc. In my locality about two-thirds of the total population fully depend on agriculture, some have small business, some have handcraft, day labourer, some have govt. job. Our main target is to focus on the influences of corona pandemic on those people. Whereas the whole world is influenced by the pandemic, we are equally affected by the pandemic. Every classes of people are harmed by the pandemic. Now we wil see how the people are affected by the pandemic on by one.
A.Agricultural Work: An average of 90% of the total populations in my locality are basically involved in agriculture directly or indirectly. Agriculture is here like a regular buddy. The people of this area were spending there lives depending on agricultural work and also its income. But the sudden outbreak of coronavirus pandemic has influenced there lives and agriculture negatively. Coronavirus pandemic has frightened the ordinary people deeply. People are very cowed for the sudden pandemic. Almost sixty percent people don't know how the coronavirus was spread throughout the world. They became little bit anxious when they acquainted with the situation of deathful pandemic. The ordinary people don't know what should they do at the circumstances. They are afraid of doing agricultural work in there lands at this time.
On the other side, lockdown has affected there lives very seriously. Price of all the commodities is increased as a result of long lockdown and banned of public transport. A total one and half month of lockdown swallowed there accumulated wealth. They have lost their money to buy fertilizers and insecticides. Some days ago the farmers have their 'marsh rice' but they didn’t get the fair price of their harvests. As a result of their poverty as well as long lockdown they did not have any alternative way. They were forced to sell their harvest at a cheap price. Last of all I want to say that the pandemic has brought a grief to my locality's people.
B.Day Labourer Work: Fifty percent of the total population of my locality are day labourers. They live their lives hand to mouth. If they do not go out for work one day, they can not afford their family. Now unexpected outbreak of coronavirus pandemic has affected their lives too. How will they afford their regular consumption of the family? Who will take their responsibility? Although government is trying to offer grants, it is not possible to offer grants all of the day labourers family. Govt. is trying as much as possible but there is another word 'Corruption' that is very familiar and popular in Bangladesh. Are the labourers getting donation really? Surely they don't because of unworthy political leaders of our country. Many participants donate for poor but our political leaders consume those illegally. We have seen many circumstances some days ago. Many UP chairmen of our country did this kind heinous activity.Day labourers of my locality are spending an unfortunate life at this coronavirus pandemic.
C. Small Business: There are small number of small businessmen in my locality. By small business I mean grocery shop, raw materials shop, rice shop,tea stall etc. Coronavirus pandemic has affected there lives. Full or partial lockdown, the idea of restarting economic activities is becoming the foremost concern. For localities like ours, it is the small businesses already bearing most the brunt of the pandemic that are likely to struggle hard to somehow survive. It is becoming impracticable to survive due to long period of lockdown and shutting down of their shops. They remained closed their shops during lockdown as govt. advised. But the only income source of these people was their small business. They lost the source also because of coronavirus pandemic. Though they got permission to open their shops in a limited of the day, business is not same as before of coronavirus pandemic. Prices of all commodities were increased and selling decreased. At this time they are in an anxious situation. On the other hand,owners of tea stall are in more danger than grocery shop. We know that those who sell tea are very poor generally. So,this is more difficult to survive at this pandemic than other small businessmen. Coronavirus pandemic has brought a burden to these kind of poor people.
D. Govt. Job: A little number of people of my locality have govt job like primary school teacher,high school teacher.They are different from other people of my locality because financial facilities. Although govt job holders do not have duty of their nowadays , they are getting their salaries timely. Their salary is enough to survive in this pandemic. Those who have govt job are less affected by the coronavirus pandemic than others.
Garment Workers: There is a garment in my locality named Maiya Sweater Mill where approximately ten thousands people work. Most of the workers are woman in general. These women were enough empowered by working in this garment. They had a income source at least. But sudden outbreak ofcoronavirus pandemic has deprived this also. My won widowed sister was also a worker of the garment factory. At the end of the month a little amount was being added to our family at least. But this was stopped as a result of coronavirus. There are many people whose only source of income was garment. After the lockdown and closing down all the factories they had to face a critical situation.
E. Handcraft: There are also a number of people who survive their lives depending on handcraft work in my locality. But sudden outbreak of coronavirus pandemic has affected their lives roughly. Long period of lockdown and shutting down of markets have harmed them irreplaceably. They lost their only way of earnings because of this pandemic. A class of my locality live their lives by building citygold ornaments. They were forced to leave the work as a result of lockdown. By losing their work they are living a miserable life nowadays life now. Here is an example of their work,
What Paradigm from Economic Sociology We can Use to Explain Economic Activities Now and Before Pandemic:
This study is about which paradigm can explain economic activities during a pandemic like coronavirus There are three major paradigm in sociology namely Functionalism, Conflict theory and Symbolic Interactionism.
To explain economic situations after and before coronavirus pandemic we can use conflict theory. Karl Marx is recognised as the father of conflict theory. According to conflict theory, higher class is benefited by lower class. Conflict theory shows that society is in a state of perpetual conflict because of competition for limited resources. We can notice this all around our society during this pandemic. The ongoing lockdown, which has crippled the economy for more than a month and sparked unprecedented distress, has turned the so-called lower middle class into the new poor identities of the society. Low-income people are affected by the pandemic more seriously than a upper class people. Those who had little income to afford their family many of them lost their income source too as a result of coronavirus pandemic. This is very hard to live their lives at the situation. But we can see opposite scene too. The pandemic hasn't been bad for everyone. The COVID-19 pandemic may have pushed the world economy into a tailspin, with 2020 projected to be worse than any of the years since the global financial crisis. But billionaires, at least a select group of them across countries, have seen their wealth soar during the past three months. Rich people and capitalists who have higher income source and have abundant wealth are totally different from those lower class people. They don't have any problem at this time and are capable enough to survive. Despite the pandemic, some billionaires are becoming richer. Here is an example of the differences between the haves and have-nots.
We also can notice that upper class people are getting health facilities during this pandemic. This can also be an example of conflict theory. Many poor people think that coronavirus is gifted by god and this is not on their hand. They believe in their luck. Despite the critical period of coronavirus some people will get extra facilities for coronavirus pandemic. A class of people will be richer than they were before the pandemic.Some people will think only about their benefit.
Comparison the Society Between Before and After the Pandemic:
With COVID-19 infections now evident in 213 countries, the pandemic is the most significant threat to humanity since the second world war. The COVID-19 outbreak contains widespread effects on rural economies across the country. This disease is affecting all aspects of rural society, both directly when people from rural communities fall ill, but also because of the social distancing restrictions that are in place to limit the progress of the disease. It is affecting household incomes and rural businesses in every sector of Bangladesh’s diverse rural economies, as well as charitable and community organisations. We notice huge differences between society before coronavirus pandemic and after the pandemic. There have been many changes as a result of coronavirus pandemic.
A total of 63 per cent of such population, including day laborers,transport workers, agriculture laborers, construction and factory workers, petty businessmen, shop assistants and rickshaw pullers became economically inactive during the time.The pandemic will be especially damaging to poorer and more vulnerable communities within many countries, highlighting the risks associated with rising inequality.The severity of the impacts depends on how long the pandemic lasts, and the national and international response of governments.
Recommendations:
The Covid-19 pandemic has thus far spread to 213 countries and regions of the world, significantly affecting the global economy. Since the virus has been growing exponentially, even the developed countries have been unable to contain its spread. As a result, people are dying in the affected areas at an alarming rate. Bangladesh is the most densely populated country in the world, however, to our concern, the healthcare facilities in the country are too limited to serve its 160 million-plus population. If we look at the sector-wise resource distribution of operating and development budget for the fiscal year 2019-20, we would see the health sector has received merely 4.9% of the total allocation.
Meanwhile, the education and technology sector has received 15.2% allocation which is more than 3 times higher than the health sector allocation. Due to poor investment in healthcare infrastructure nationwide and scarcity of medical equipment i.e. testing kits, and doctors to combat Covid-19, the government is passing a very hard time.
In concrete terms, what can be done? Access to sick leave, unemployment benefits, and health benefits is useful for all in dealing with the effects of the pandemic but particularly so for poorer segments of society who lack a savings cushion and are thus living hand-to-mouth. The government should act promptly to allocate further resources to healthcare infrastructure development to tackle this pandemic. Till now, there is no vaccination for this virus. Thus isolation and lockdown are the only means to stop the spread of this deadly virus. The higher growth and increased per capita income have benefitted a small group of rich people much more than the much greater number of poor people. Now its the time for the government to think about this crucial issue and chalk out a long-term plan to minimise the disparity between the rich and the poor.Policymakers must use the opportunity to make fundamental changes so that when future shocks inevitably occur, including for example from the effects of climate change, societies have in place risk-sharing and social assistance mechanisms that will protect the most vulnerable much better than they do today.
Conclusion:
This is a study about coronavirus pandemic in my locality and its effects on economy. In this full study we tried to explain the impact of coronavirus on economy and how it affect our lives.
Labelled as a black swan event and likened to the economic scene of World War Two , the outbreak of COVID-19 (the disease caused by Severe Acute Respiratory Syndrome Coronavirus 2 (SARSCOV-2)) has had a detrimental effect on global healthcare systems with a ripple effect on every aspect of human life as we know it. Sohrabiet al. highlighted the extent of the outbreak with the World Health Organisation (WHO) declaring the COVID-19 outbreak as a global emergency on January 30, 2020 . In a response to ‘flatten the curve’, governments have enforced border shutdowns, travel restrictions and quarantine in countries which constitute the world's largest economy.