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Archive for 4. April 2020

How COVID-19 Is Transforming Manufacturing

Posted by hkarner - 4. April 2020

Dalia Marin

Dalia Marin is Chair of International Economics at the University of Munich and a research fellow at the Centre for Economic Policy Research.

As the COVID-19 pandemic escalates, the advanced economies seem to be geared up for a manufacturing renaissance. But while this may reduce risks for large firms, it probably will not benefit very many advanced-economy workers, let alone the developing countries from which production is being shifted.

MUNICH – As the COVID-19 pandemic escalates, the risks inherent in global supply chains are more apparent than ever. Rather than await a return to business as usual, with manufacturing activities concentrated in countries where labor is cheap and plentiful, advanced-economy companies are shifting their focus to the lowest-wage workers of all: robots.

Firms began relocating production to low-wage countries in the early 1990s, aided by the fall of the Iron Curtain, China’s global integration and eventual accession to the World Trade Organization, and the rise of containerization. The period between 1990 and the 2008 global financial crisis has been called an era of hyper-globalization in which global value chains accounted for about 60% of global trade.The 2008 global financial and economic crisis marked the beginning of the end of this era of hyper-globalization. In 2011, global value chains stopped expanding. They have not grown again since.This reversal was driven by uncertainty. From 2008 to 2011, the World Uncertainty Index – constructed by Hites Ahir, Nicholas Bloom, and Davide Furceri – increased by 200%. Den Rest des Beitrags lesen »

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is This China’s Global Leadership Moment?

Posted by hkarner - 4. April 2020

Date: 03‑04‑2020

Source: Project Syndicate by Keyu Jin 

Keyu Jin, Professor of Economics at the London School of Economics, is a World Economic Forum Young Global Leader. 

A pandemic is no time to tout the superiority of any country’s governance system or approach, let alone compete for global dominance. Instead of congratulating itself on having pushed back COVID‑19, China should quietly win trust by helping the United States and other countries, not out of strategic interest, but on moral grounds.

BEIJING – When he welcomed US President Donald Trump to Beijing’s Forbidden City in 2017, Chinese President Xi Jinping pointed to the character “peace” in the names of all three halls of the great complex, emphasizing the Confucian maxim “Peace is prized above all.”

The world needs to adhere to that idea now more than ever, but its two leading powers are at loggerheads at the worst possible time. Anti‑Chinese sentiment permeates American society, and a popular saying in China these days is that if you are not angry at America, you are not patriotic. Den Rest des Beitrags lesen »

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