week 4

a reduction in

central to

implication for 

reaction to 

expose to

shelter from

at any rate

revert to

exemplify by

response to 

at a pace

critical for

credited with 

accuse of

at the level

The country is central to the manufacture of a wide range of common consumer products, including mobile phones, computers, and household goods.

Countries attempting to stockpile supplies of vital goods would also run into cost constraints.

Building a new multilateralism won’t be easy; it may even appear impossible.

Fortunately, China seems to have brought the coronavirus under control, and economic activity in the country is returning to normal, so the disruption has been limited.

Such a disruption could come in the form of another public-health crisis or a natural disaster.

Climate concerns and carbon border taxes could compound the problem, by spurring cycles of retaliation and intensifying strain on international trade.

It may not be too difficult for very large economies to cover the costs of diversifying their production.

With many companies and industries dependent on faraway suppliers – and lacking any alternatives – no part of such value chains can function unless all parts do.

One of the most powerful drivers of support for deglobalization is the vulnerability of production models that rely on long and complex global supply chains, which have sacrificed robustness and resilience at the altar of short-term efficiency and cost reduction.

Moreover, by entrenching a volatile long-term rivalry, it would pose a grave threat to peace.

Likewise, reducing trade and foreign investment in the name of national security may actually increase political tensions and, by spurring a cycle of reprisals, place economies on a downward spiral.

Similarly, protocols and financing for rapid vaccine development and production capacity should be agreed (and continually updated).