Globalists May Soon Become an Extinct Species
The disruptions caused by the spread of the coronavirus mean supply chains will be moved closer to home rather than in foreign lands.
The coronavirus may force countries to move production closer to home.
Photographer: Justin Sullivan/Getty Images
The coronavirus’s depressing effects on the global economy and disruptions of supply chains is no doubt driving the last nail into the coffin of the globalists.
They believe in the theory first articulated by Englishman David Ricardo (1773-1823) that free trade among nations benefits all of them. He argued for the comparative advantage of free trade and industrial specialization. Even if one country is more competitive in every area than its trading partners, that nation should only concentrate on the areas in which it has the greatest competitive advantage. He used the example of English-produced wool being traded for French wine—and not the reverse.