BOSTON, Massachusetts: Global supply chains used to be the last thing policymakers worried about.
US President Joe Biden's administration deserves credit for recognising that supply chains are key to future economic security. The review then asks whether hyper-globalised supply chains are so great for economic efficiency after all. Logically, this scenario is similar to what one finds in financial networks, where the failure of one bank can push others into insolvency or even bankruptcy, as happened in 2008 following the collapse of Lehman Brothers.
CEOs enjoy immediate compensation when they can achieve cost reductions and increase profits, whereas the significant costs of future uncertainty - or even bankruptcy - will likely be someone else's problem.The problem, the White House review notes, is that"the United States has taken certain features of global markets - especially the fear that companies and capital will flee to wherever wages, taxes and regulation are lowest - as inevitable".
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