James Bullard, Essay: President’s Message, Trade and Globalization since the 1980s

Monetary Policy/Economy wasn’t talked about in this Essay.

“In recent years, world public health and national security concerns have reinvigorated the debate focused on partly reversing globalization and keeping some production closer to home, as the future world might not be as war- or disease-free.”

“For instance, the pandemic prompted many American businesses to better diversify their supply chains to reduce vulnerability to major disruptions in certain materials or locations. In addition, we’ve seen businesses switch to “just in case”—rather than “just in time”—inventory.”

“While the post-World War II era of globalization has hit some stumbles, trillions of dollars of goods and services are still traded every day. The global economy continues to grow over time, technology keeps advancing, and people’s ability to move goods and services around the world is constantly improving. Over the coming decades, we may see more integration of the global economy, regardless of the recent reassessment.”