New Normal and New Rules in International Trade, Economics and Marketing

by Fatih AYHAN (Volume editor) Burak Darici (Volume editor) Candy Lim CHIU (Volume editor)
©2021 Edited Collection 424 Pages


The coronavirus epidemic, which swept the whole world at the beginning of 2020 and
turned into a widespread pandemic, has caused an important economic and social crisis.
Governments and policy makers have tried to keep business life afloat with financial
incentives and supports, government aids to combat the epidemic. The habits of doing
business with remote working, flexible working, social media and internet use and online
systems have been heavily used. After the Great Depression, the COVID epidemic caused
serious contraction on the global economy. Therefore, it is important to examine the
effects of this crisis by experts.
With this book, the effects of the COVID crisis on different fields have been examined in
detail by experts from different disciplines. We hope that this book will make significant
contributions to researchers and scientists.

Table Of Contents

  • Cover
  • Title
  • Copyright
  • About the editors
  • About the book
  • This eBook can be cited
  • Preface and Acknowledgements
  • Contents
  • List of Contributors
  • Part-I New Rules Normal and New Rules in Economics
  • 1.1 The Great Recession and New Directions for Economic Thought (Görkem Bahtiyar and Hasan Bakır)
  • 1.2 The Economic and Political Effects of COVID-19 on the Eurasian Economic Union (Süreyya Yiğit)
  • 1.3 Monetary Policy Practices After COVID-19 (Volkan Kaymaz)
  • 1.4 The Impact of COVID-19 Crisis on Zhejiang Province, China: Analysis of Mental Health, Government, and Socio-economic Issues (Xiayu Xu)
  • 1.5 The Logistics Costs in E-Commerce Platforms and Its Effect on the Processes After COVID-19 Outbreak (Mustafa Çanakçıoğlu)
  • Part-II New Rules Normal and New Rules in International Trade
  • 2.1 The Changing Structure of International Trade: An Evaluation of the Liner Shipping Industry (Arda Toygar and Umut Yıldırım)
  • 2.2 Turkish Trade under the Shadow of COVID-19: Facts and Prospects (Özgül Bilici and Emrullah Özden)
  • 2.3 The COVID-19 Crisis and Transformation in Global Trade (Umut Evlimoğlu and Orhan Şanlı)
  • 2.4 COVID-19’s Impact on Supply Chains in Shenzhen City, China: Policy Response and Opportunities for SMEs (Qingyun Fu and Somkiat Mansumitrchai)
  • 2.5 The Transformation of Global Value Chains ın the Post-Covid Era and Regional Comprehensive Economic Partnership (RCEP) Agreement (Emin Ertürk and Derya Hekim)
  • 2.6 Concurrent Advances in International Economics towards Sustainable Development in the Era of Climate and COVID-19 Crises (Sırrı Uyanık and M. Yavuz Sucu)
  • Part-III New Rules Normal and New Rules in Marketing
  • 3.1 Legacy of the COVID-19 Pandemic: The Increasing Importance of Hybrid Marketing (Abdülkadir Öztürk and Volkan Temizkan)
  • 3.2 An Ontological Discussion on the Product Component of Marketing Mix: What is the “Product” in the Postmodern Era? (H. Çağatay Karabıyık and Mahmut Nevfel Elgün)
  • 3.3 The Effect of the Specific Discount Pattern of Cosmetic Retailers in China during the COVID-19 (Jingjing Zeng and Candy Lim Chiu)
  • 3.4 The Impacts and Challenges in China’s Clothing Industry during the COVID-19 Pandemic (Xufeng Zhu and Jason Lim Chiu)
  • Part-IV Change in Consumer Behavior in the Post-COVID Era
  • 4.1 Exploring Young People’s Online Food Shopping Behavior during the COVID-19 Epidemic in China (Jiawei Feng and Han-Chiang Ho)
  • 4.2 Influence of COVID-19 Outbreak on Changing Buying Behaviors: Chinese Consumer’s Growing Concerns over Food Safety (Jingxian Zhuang and Han-Chiang Ho)
  • 4.3 Causes of Panic Buying and Food Hoarding during COVID-19 (Jieyu Chen and Somkiat Mansumitrchai)
  • 4.4 Impact of the New Street Vendor Regulation on Poverty Alleviation and Sustainable Livelihood during COVID-19 in China (Mingyi Chen)
  • 4.5 The Impact of Epidemic Outbreak on Chinese Consumers Spending Behavior (Siyang Zhang and Jason Lim Chiu)
  • Part-V The Effects of Social Media Usage During COVID-19
  • 5.1 Exploring Extrinsic and Intrinsic Motivation of Using User-Generated Media in China: An Empirical Study on TikTok (Tang Lu)
  • 5.2 Social Media Communication during the COVID-19 Pandemic: A Comparative Study of the United States and China (Yating Zhong)
  • 5.3 Social Media Engagement: What Motivates Users’ Participation and Consumption on TikTok during the Coronavirus Outbreak? (Yuchen Dai and Candy Lim Chiu)
  • List of Figures
  • List of Tables

←10 | 11→

List of Contributors

Dr. Abdülkadir ÖZTÜRK

Recep Tayyip Erdogan University, Turkey


Artvin Coruh University, Turkey

Dr. Candy Lim CHIU

Wenzhou-Kean University, China

Assoc.Prof. Derya HEKİM

Bursa Uludağ University, Turkey

Prof. Dr. Emin ERTÜRK

Bursa Uludağ University, Turkey

Dr. Emrullah ÖZDEN

Recep Tayyip Erdogan University, Turkey


Bursa Uludag University, Turkey


Ankara Medipol University, Turkey

Dr. Han-Chiang HO

Wenzhou-Kean University, China

Assoc. Prof. Hasan BAKIR

Bursa Uludag University, Turkey

Dr. Jason Lim CHIU

Keimyung University, Republic of Korea

Jiawei FENG

Wenzhou-Kean University, China

Jieyu CHEN

Wenzhou-Kean University, China←11 | 12→

Jingjing ZENG

Wenzhou-Kean University, China

Jingxian ZHUANG

Wenzhou-Kean University, China


Wenzhou-Kean University, China

Dr. M. Yavuz SUCU

KTO Karatay University, Turkey

Dr. Mahmut Nevfel ELGÜN

Necmettin Erbakan University, Turkey

Mingyi CHEN

Wenzhou-Kean University, China


Istanbul Gelisim University, Turkey

Dr. Orhan ŞANLI

Aydın Adnan Menderes University, Turkey

Dr. Özgül BİLİCİ

Recep Tayyip Erdogan University, Turkey

Qingyun FU

Wenzhou-Kean University, China

Dr. Sırrı UYANIK

Wenzhou-Kean University, China

Siyang ZHANG

KTO Karatay University, Turkey


Wenzhou-Kean University, China

Prof. Dr. Süreyya YİĞİT

New Vision University, Tbilisi,Georgia←12 | 13→


Aydın Adnan Menderes University, Turkey


Karadeniz Technical University, Turkey

Dr. Volkan KAYMAZ

Istanbul Yeni Yüzyıl University, Turkey


Karabük University, Turkey

Xiayu XU

Wenzhou-Kean University, China

Xufeng ZHU

Wenzhou-Kean University, China

Yating ZHONG

Wenzhou-Kean University, China

Yuchen DAI

Wenzhou-Kean University, China

←16 | 17→

Görkem Bahtiyar and Hasan Bakır

1.1 The Great Recession and New Directions for Economic Thought

I, God’s own image! Ah, how close it shone,

The mirror of eternal verity!

I fed upon its light and clarity

Within myself, all mortal limits gone,

And with presumption too extreme

Of free, superangelic strenght, divine

Creative life, thought even now to stream

Through Nature’s veins-what sudden shame was mine!

A voice of thunder dashed me from that dream

(From Faust)

Abstract: The common belief in the era before the Great Depression was that the market mechanism functioned almost perfectly. After the crisis, however, many economists took sides with John Maynard Keynes who defended active government intervention to prevent depressions. But, this also changed in the mids of 1970s. Neoliberalism started to gain ground in the economic and political area. In the economic area Friedman’s doctrine known as Monetarism became popular. Later, Friedman’s monetarism was taken a step further with the “Efficient Market Theory”. Efficient Market Theory held that the market mechanism was the best alternative concerning financial transactions to take place. However, Great Recession reminded of interventionist policies to economists again. In this context, Efficient Market Theory has been criticized by some of the schools of thought in economics such as post-Keynesian and Institutionalist economists. The aim of this study is to analyze rising schools of thought inside economics after the effect of Great Recession and new challenges awaiting economic thought itself.

Keywords: Great Recession, Macroeconomics, Economic Thought, COVID

Jel Code: B20, B13, G14, G01, E1

1 Introduction

There were enormous changes in institutional structures and international relations in the post WWII period. Various institutions such as the United Nations and the World Bank were established with the Bretton Woods agreements. These ←17 | 18→institutions aimed to help stabilize international relations. In addition to these, free trade of goods was encouraged under a system of fixed exchange rates and governments focused on maintaining full employment and increasing the welfare of their citizens via economic growth. However, by the end of the 1960s, signs of crisis in the shape of unemployment and inflation began to appear. These were interpreted as if “Keynesian policies were no longer working” and neoliberalism began its ascendance after that (Harvey, 2005:9–12).


ISBN (Softcover)
Publication date
2021 (September)
Development plans Economic development International trade Local governance Regional development Regional development agencies Rural development Technology and innovation
Berlin, Bern, Bruxelles, New York, Oxford, Warszawa, Wien, 2021. 424 pp., 41 fig. b/w, 53 tables.

Biographical notes

Fatih AYHAN (Volume editor) Burak Darici (Volume editor) Candy Lim CHIU (Volume editor)

Burak Darıcı is working at Bandirma Onyedi Eylul University in the Department of Economics. His research areas include banking, finance, capital markets, economics, financial institutions, monetary policy, and labour market. Fatih Ayhan is working at Bandirma Onyedi Eylul University in the Department of Economics . His research areas include macroeconomics, international economics, labor market, exchange and financial market, financial and applied economics. Candy Lim Chiu is a faculty member of the College of Business and Public Management at Wenzhou-Kean University, China. She has 8 years of academic teaching and research experience and 8 years of international corporate experience as a banker, consultant, and business development manager. Her research areas are in marketing, operations management, the automotive industry, online banking, and entrepreneurship.


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426 pages