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Companies will have to adapt to succeed.” In a CoronaNomics podcast episode, journalists Ben Chu and Lizzie Burden discuss deglobalization with Harvard economist Dani Rodrik and Penelope Goldberg, former chief economist of the World Bank. Beata Javorcik, chief economist at the European Bank for Reconstruction and Development, suggests in her Financial Times piece that “the quest to find the most cost-effective suppliers has left many companies without a plan B” and that businesses will be forced to “rethink global value chains … shaped to maximize efficiency and profits.” She asserts that the coronavirus “will not end globalization, but it will change it. But in the early days of the coronavirus, as countries scrambled to source scarce personal protective equipment (PPE) and ventilators, problems with relying on only a few players in the supply chain became glaringly obvious, especially given tensions with China and the global competition for these supplies.
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The decades-old global supply chain was created during the push to globalize companies moved manufacturing offshore because it was cost-effective and efficient. Experts offer differing opinions about the best path forward for companies, especially those with global operations: some advocate reshoring and bringing operations home others encourage companies to open up and collaborate yet others suggest using data to help companies pivot more quickly. Companies have had to adapt quickly or risk going under many are reinventing themselves and reshaping how they operate. In that short time our world has changed dramatically––how we live, shop, educate our children, receive healthcare services, and engage with others personally and professionally. He emphasized that globalization "is a process that we can and should help shape and influence.We are more than six months into the pandemic with no signs of the coronavirus abating.
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The Bertelsmann Foundation's Aart De Geus concluded that people's concerns about globalization must not be ignored. In France, 75 percent of respondents say the government needs to do more to protect the domestic economy, while in the UK, 59 percent are of the same opinion. Germans are not the only Europeans who want to see more safeguards in place against the potential downsides of globalization. At the same time, 63 percent of respondents say it's not a good thing for German companies to be completely taken over by foreign investors. The majority of Germans are in favor of foreign investments, the survey shows. But only 23 percent believe that globalization has had a positive impact on their wages. The study also finds that 61 percent of those polled see a clear correlation between globalization and higher economic growth prospects.
#POSITIVE IMPACTS OF GLOBALIZATION FREE#
He warned, though, that the findings of the study should not prompt policymakers to embark "on the wrong track of protectionism," pointing out that Germany as an export-oriented country was among the nations that had profited most from globalization and free trade that came along with it.ĭe Geus acknowledged, though, that the structural changes that globalization had brought about had been challenging for many workers in Germany, too. "Germans want to have globalization with a safety belt," said the chairman of the Bertelsmann Foundation, Aart De Geus. In more general terms, 52 percent of respondents feel insufficiently protected against the potentially negative consequences of globalization.
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Roughly 57 percent of Germans say the government should do a lot more to protect domestic companies from foreign rivals, a survey by the Bertelsmann Foundation revealed Thursday.