Geopolitical tensions mean that openness to deeper integration is in short supply. But the gains to be had are now clearer
Save time by listening to our audio articles as you multitaskGovernments have become keener to boost domestic production, the better to reduce their vulnerability to disruptions in foreign supplies. But new work by thesuggests that this would be misguided. Supply chains held up better during the pandemic than is often assumed, it argues, and greater self-sufficiency is likely to leave countries more vulnerable to future shocks, not less.
The virus distorted trade in part through its effects on domestic economies. Places that experienced higher caseloads and more restrictive lockdowns imported more goods than expected, given the blow to overall, for instance. That in part reflects a shift in demand away from services and towards goods such as home electronics and protective equipment. Covid also interfered with the production of some goods at home, which then needed to be imported instead.
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