Share Prices, COVID-19, Economies, and People

Callista Wilson
Global Politics and Historical Contexts 

Over the past months, the coronavirus has caused prices of the American stock market to severely decline due to protection policies which have diminished peoples’ liberties and recent confidence in local businesses. Although America has the strongest economy in the world, it is heavily based on local production and local consumption, because demand supports employment and market prices. When the virus initially began to spread in America, peoples' freedoms were taken starting with a travel-ban to China, and shortly after, a travel-ban to Europe. Although share prices are declining world-wide and many who previously worked are now at home, hospitals are still overwhelmed with cases, and more tests are still needed so enough data can support political decisions. In other words, American share prices will likely continue to fall if safety regulations are withheld, and based on the current severity of the virus, numerous people of all ages would be put at risk if regulations are lifted prematurely; during a phase when data is still inaccurate. For this reason, over the next six months or year, there could be both gradual or sharp re-openings of businesses led by sate governors to restart state economies, and this depends on each individual's priorities. Through the recent struggles, it is more needed than ever for America to uphold moral beliefs: state governors should to prioritize the safety of people rather than the economy, even if they need to send money directly to those who would usually rely on regular paychecks.

These recent events relate strongly to the concept of globalization, because as share prices of businesses across the world decline, nations may be less interested in importing so they can re-create their own consumer-based economies. This way, people who may have been laid off during the virus can regain work, and can pay income taxes which support their governments as wholes. Ultimately, each nation and state within America is likely to respond to declining share prices in different ways based on their belief systems. Some may feel frantic at the idea of risking their economy, and reopen at the first opportunity, while others will prioritize people and aim to reduce future deaths by waiting for more data to become available before acting. As a nation, the burden we carry is heavily defined by our responses. When it comes to a decision between the economy and people, America should act without hesitation in ways which will directly reduce the most amount of coronavirus deaths as possible.

   
Reference: 
https://www.justsecurity.org/69650/timeline-of-the-coronavirus-pandemic-and-u-s-response/

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