In the post-pandemic world, more economic activity will be designated vital to national security, accelerating pressures on globalization
When the global economy finally gets beyond the pandemic, expect it to be less globalized than before.
Governments, including many longtime advocates of global trade, are using the crisis to erect barriers to commerce and bring manufacturing home. Japan now pays companies to relocate factories from China. French President Emmanuel Macron pledges “full independence” in crucial medical supplies by year-end. In Washington, Republicans and Democrats alike back new “Buy American” requirements for government health spending.
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