Since late 2019, the world has sought – frantically at times – to appropriate policies for responding to the coronavirus pandemic (Covid-19). This Working Paper reviews the political significance of Covid-19 in order to understand the ways in which it challenges the existing domestic order, international health governance actors and, more fundamentally, the circulation-based modus operandi of the present world order. The analysis begins with the argument that contagious diseases should be regarded as complex open-ended phenomena with various features; they are not reducible to biology and epidemiology alone. In particular, politics and social reactions – in the form of panic and blamecasting, for example – are prominent features with clear historical patterns, and should not, for the sake of efficient health governance, be treated as aspects extraneous to the disease itself. The Working Paper further highlights that when a serious infectious disease spreads, a “threat” is very often externalized into a culturally meaningful “foreign” entity. Pandemics tend to be territorialized, nationalized, ethnicized, and racialized. This has also been the case with Covid-19.