Tuesday’s Wall Street Journal featured a front-page story headlined, “Worries Rise Over Global Trade Slide.” Its gist was that we’re in for trouble if globalization rolls back in favor of more regional or local supply chains. The implication is that far-flung manufacturing and sourcing strategies are better for business profits, economic growth and productivity gains. This may have been true between 1980 and 2010, but the world has changed, and I think it’s for the better.
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