I agree that “globalization” is a very broad term, hence my several aspects.
I believe you over state the case about markets and absence of planners/decision-making. Even historically trade with external entities generally included many prerequisites, some political in nature others more social and cultural. Yes, the underlying economic requirements were also generally present (relative scarcity, comparative advantage related aspect stuff).
The focus on the pure economic/trade/supply chain aspects I don’t think stand in isolation. The connections with both social and cultural aspects and the political aspect—including the more modern multi-national and global structures all interact with one another.
I think the world was already in the process of various forms of decoupling and reorganizing trade/economic and political relationships. The pandemic, I don’t think, is going to be a neutral event with regard to that path to the future. I just am not sure what new forks are getting opened up here or which are perhaps getting blocked off.
I agree that “globalization” is a very broad term, hence my several aspects.
I believe you over state the case about markets and absence of planners/decision-making. Even historically trade with external entities generally included many prerequisites, some political in nature others more social and cultural. Yes, the underlying economic requirements were also generally present (relative scarcity, comparative advantage related aspect stuff).
The focus on the pure economic/trade/supply chain aspects I don’t think stand in isolation. The connections with both social and cultural aspects and the political aspect—including the more modern multi-national and global structures all interact with one another.
I think the world was already in the process of various forms of decoupling and reorganizing trade/economic and political relationships. The pandemic, I don’t think, is going to be a neutral event with regard to that path to the future. I just am not sure what new forks are getting opened up here or which are perhaps getting blocked off.