China Everywhere: Times of India

COVID-19 has fueled a slowdown in travel, trade, economic growth and globalization yet globalization is far from dead, suggests Nayan Chanda, founding editor of YaleGlobal Online. “[A]mid all the recent sound and fury against globalisation, the global economy itself has grown ever more enmeshed.” Chanda warns of challenges in delinking and adjusting globalization’s many ties. China’s share of global GDP stands at 16 percent with the country producing many basic components of electronics, appliances and pharmaceuticals. Businesses will seek substitute suppliers and consumers may seek substitute products and activities, but transition would be gradual with disruptions and higher costs, especially for products requiring expertise. Populist rants about shedding dependence on foreign workers and products will not boost economies. Chanda concludes, “it is the cold logic of innovation, efficiency, and profits that drive corporations to develop worldwide supply chains.” The Renaissance followed the 14th century bubonic plague, and the manufacturing boom followed the global flu pandemic of 1918, he explains. Globalization can slow, but humans ultimately find value in connections. – YaleGlobal