Impacts of global outbreaks on international trade and the significance of global cooperation

While the world is still struggling to reduce the negative effects of the 2007-2009 crisis, which is the most serious crisis it has experienced since the Great Depression in the 1930s, it has been understood that global problems should be addressed for a long terms. Global problems such as global crises, global epidemics and security of the global supply chain require global cooperation. There is a consensus that the economic crises in the past are due to the fact that the balance of regulation and deregulation could not be established at an optimum level, and that the regulatory institutions such as the state and international organizations did not take the appropriate steps in a timely manner. These determinations and the search for long-term solutions necessitated the questioning of the current structure and implementation of the mainstream economic order for the solution of global problems and the global cooperation devices it offers. Thus, it has been researched what kind of global cooperation should be in force in order to reduce the effects of global epidemics on international trade. The study focuses on possible solutions that can facilitate the functioning of a healthy and fair international trade, the creation of a healthy economic environment, and the improvement of living standards and welfare. Considering the findings obtained in the study, it was concluded that the implementation of the global cooperation required for the implementation of these solutions depends on the radical reforms of the current global economy approach or the creation of a new international financial architecture on which all international actors can agree. Keywords: International Trade, Welfare, Global Outbreaks, Neoliberalism, New International Financial Architecture