Social, Political, Psychological Impacts of Covid-19 Digitalization of the Currency and Emerging World Order

Abstract

Covid-19 universally acknowledged as Coronavirus is the biggest challenge posing threat to global community and human life. This academic paper general in nature enables the readership from all walks of life to understand the nature of the pandemic and its effects on our ways of life. Central objective of this study is to highlight that change in traditional social system and domestic arena is inevitable. It brings into limelight the economic challenges, digitalization of the economy, probable decline of the United States (US) as a major power, challenges posed to our social culture, pre-existing work ethics, and social norms. Paper also highlights inherent weaknesses of our health system and the probability of biological terrorism. Authors conducted interviews for multifaceted reasons e.g., to complete and increase authenticity of this paper, to examine and analyse Covid-19 spread using empirical evidence, recurring fallout, intensity and pandemic’s impact on liberal international order. Paper aim to highlight significance of artificial intelligence (AI), transformation of world economic system based on quantum computer and continued relevance of capitalism for international order. Paper underscores states failure to adopt to changing nature of evolving digital economic order will result in collapse of its economic institutions. Economic instability will result in political unrest, agitation and anarchy. In prevailing circumstances geo-economic framework based on neo-liberal institutionalism rather than geo-strategic framework is key to survive.