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2. Formula for a Crisis: Protectionism and Supply Chain Resiliency—the Infant Formula Case Study
- Author:
- Scott Lincicome, Gabriella Beaumont-Smith, and Alfredo Carrillo Obregon
- Publication Date:
- 01-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- It has become accepted wisdom in Washington that the COVID-19 pandemic revealed how openness to international trade and investment increases U.S. vulnerability to economic shocks and contributes to widespread shortages of food, medicine, and other essential goods. This official narrative, however, ignores ample economic research showing that, while disruptions are inevitable in a modern economy, the alternative to free trade—a protectionism‐driven onshoring of global supply chains—carries its own risks and can even heighten vulnerability by inhibiting natural market adjustments to economic shocks. The infant formula crisis, which lasted for most of 2022 and was unique to the United States, provided an unfortunate real‐world lesson in this regard.
- Topic:
- International Trade and Finance, Free Trade, Resilience, COVID-19, and Supply Chains
- Political Geography:
- North America and United States of America
3. Radical Steps Are Essential to Jump-Starting the Replacement of the Flawed US Money Regime
- Author:
- Brendan Brown
- Publication Date:
- 03-2023
- Content Type:
- Policy Brief
- Institution:
- Hudson Institute
- Abstract:
- A previous policy memo argued that flaws in the actual US money regime are responsible for the Great Pandemic Inflation.1 Now that reported inflation has been falling, some of us might imagine that addressing these flaws has become a non-urgent matter. After all, great supply shocks tend to come rarely. But such complacence does not fit the facts. The case for getting rid of the present rotten monetary regime is not simply based on the argument that it has malfunctioned so severely during the pandemic and war supply shock. That malfunctioning continues into the present, where there is now positive supply side news (the pandemic dislocation is fading, and a natural gas glut has emerged despite the continuing Russia-Ukraine War). The Federal Reserve and other central banks, still trying to navigate policy in an anchorless monetary system by choosing a path for short-term interest rates, are stumbling from one huge blunder to another, even if they have a rare lucky stretch in between. Beyond the woes of how the 2 percent inflation standard performed during the supply shock and subsequent supply restoration, this regime should be held responsible for a range of economic and social consequences that predate the pandemic and war. These include malinvestment (poor allocation of capital due to corrupted signaling in markets), advancement of monopoly capitalism, bloated government outlays, and punitive monetary taxation (in the form of inflation tax or monetary repression tax), all of which take their toll. Instead of enjoying a top-quality money with all its benefits, individuals have had to put up with a poor money and all its related costs, particularly the ongoing danger of serious loss of purchasing power.
- Topic:
- Economics, Monetary Policy, Inflation, and COVID-19
- Political Geography:
- North America and United States of America
4. Global Food Security Act Reauthorization: New and Lingering Challenges
- Author:
- Gloria Dabek
- Publication Date:
- 02-2022
- Content Type:
- Policy Brief
- Institution:
- Chicago Council on Global Affairs
- Abstract:
- Amid new challenges to global food security, the Center for Global Food and Agriculture analyzes necessary changes to the Global Food Security Act Reauthorization. The Global Food Security Act (GFSA) authorizes the Feed the Future Initiative (FTF), the US government’s premier effort to address the root causes of hunger and poverty in lower- and middle-income countries. The GFSA must recognize how the COVID-19 pandemic and climate change wreak havoc on global food security efforts.
- Topic:
- Agriculture, Poverty, Food, Hunger, and COVID-19
- Political Geography:
- North America and Global Focus
5. Turning Point: A three year update on US supermarkets’ progress and pitfalls
- Author:
- Hana Ivanhoe and Art Prapha
- Publication Date:
- 04-2022
- Content Type:
- Policy Brief
- Institution:
- Oxfam Publishing
- Abstract:
- Since the outbreak of COVID-19, the global landscape of the food retail industry has dramatically shifted. There is now greater awareness of how wealth and gender inequalities have been exacerbated; the power of workers in the United States (US) has been awakened; the vulnerability of global supply chains has been exposed; big retailers are competing in technology adoption; investors are demanding environmental, social and governance (ESG) information; and there has been legislative advancement towards mandatory human rights due diligence (HRDD) law. Amidst these increasing pressures, major US supermarkets have continued to delay urgent actions needed to end exploitation of workers, women and farmers in their supply chains and retail operations. Key gaps include the lack of commitment to adopt a robust HRDD approach, lack of policies on workers’ rights at home and abroad, and the non-existence of gender policy in their business model. Failure to act now will result in irreversible impacts on workers, farmers and women – impacts that pose major risks to business continuity and supply chain resilience.
- Topic:
- Labor Issues, Governance, Business, Private Sector, and COVID-19
- Political Geography:
- North America and United States of America
6. Geopolitical Risk in the Era of U.S.-China Strategic Competition and Economic Security
- Author:
- Jai Chul Heo
- Publication Date:
- 09-2022
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- Recently, the intensification of U.S.-China strategic competition, spread of COVID-19 infections, and the Russia-Ukraine war are disrupting the global supply chain and increasing instability in the global economy. The resulting instability in the supply of semiconductors, medicines, food, and energy is leading to an economic downturn, and the U.S., China, Japan, and EU are actively pursuing strategies to strengthen economic security. The key to recent economic security is the U.S.-China strategic competition. Because the United States is re-tightening economic-security links that were loosened in the post-Cold War era to counter China's economic rise. And the concept of recent economic security largely includes the elements of economic statecraft, economic resilience, and building mutual trust.
- Topic:
- Geopolitics, Strategic Competition, COVID-19, Economic Security, and Russia-Ukraine War
- Political Geography:
- China, Asia, North America, and United States of America
7. International Spread of Anti-dumping Measures and Diversification of Investigation Methodologies
- Author:
- Moonhee Cho, Cheon-Kee Lee, Min Ji Kang, and Min-chirl Chung
- Publication Date:
- 09-2022
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- As global economic growth has lost momentum due to the COVID-19 pandemic and the tension between U.S. and China, among other developments, concerns about the spread of protectionism are growing. In particular, anti-dumping (AD) measures are more likely to expand in the future in that they are relatively easy to take and have a direct effect on international trade compared to other protectionist trade policies. This study reviews the spread of AD measures and the effects of AD measures on trade. We also pay attention to the fact that AD investigation methodologies are being diversified. Focusing on particular market situation (PMS) and adverse facts available (AFA) provisions, which have been applied in many recent AD investigations on Korean export goods, we analyze the logic of investigation authorities.
- Topic:
- Economic Growth, Trade, COVID-19, and Protectionism
- Political Geography:
- China, Asia, North America, and United States of America
8. Soaring demand is driving double-digit import price inflation in the United States
- Author:
- Caroline Freund
- Publication Date:
- 10-2022
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- At a time of soaring price increases in the United States, inflation in the US import sector has been soaring the most. Import price inflation in the first half of 2022 was in the double digits, above US consumer price index and personal consumption expenditures inflation. Excess demand for certain imported goods is playing a big role, but so are supply shortages caused by temporary business closures overseas and shipping delays associated with the COVID-19 pandemic. Correctly identifying the culprit for misaligned demand and supply, and hence rising prices, is central to understanding the type and extent of policy intervention needed. Using movements in prices and quantities of specific goods, the analysis presented in this Policy Brief shows that the increase in import price inflation has been driven to the same or a greater extent by demand compared with supply constraints. The results have important implications for policies to help reduce the supply and demand imbalance and thus tame inflation.
- Topic:
- Economics, Inflation, COVID-19, Imports, and Supply and Demand
- Political Geography:
- North America and United States of America
9. Will industrial and agricultural subsidies ever be reformed?
- Author:
- Gary Clyde Hufbauer
- Publication Date:
- 03-2021
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Open Sub-navigation BackOpen Sub-navigation Publications Back Policy Briefs Working Papers Books PIIE Briefings Open Sub-navigation Commentary Back Op-Eds Testimonies Speeches and Papers Topics & Regions PIIE Charts What Is Globalization? Educational Resources Open Sub-navigation Back Senior Research Staff Research Analysts Trade Talks Open Sub-navigation Back RealTime Economic Issues Watch Trade & Investment Policy Watch China Economic Watch North Korea: Witness to Transformation 中文 Open Sub-navigation Back All Events Financial Statements Global Connections Global Economic Prospects Stavros Niarchos Foundation Lectures Trade Winds Open Sub-navigation Back News Releases Multimedia Media Center Open Sub-navigation Back Board of Directors Staff Employment Contact Annual Report Transparency Policy POLICY BRIEF VIEW SHARING OPTIONS Will industrial and agricultural subsidies ever be reformed? Gary Clyde Hufbauer (PIIE) Policy Brief21-5 March 2021 Photo Credit: REUTERS/Denis Balibouse One economic argument for government subsidies is that they are necessary to compensate firms and industries for benefits they provide to society at large but cannot capture in the prices they charge for goods or services. For example, subsidies to renewable energy are defended because renewable energy limits carbon emissions. When a major economy subsidizes extensively, however, its trading partners are drawn into the game, with losses all around. As the prisoner’s dilemma suggests, a better outcome would entail mutual restraint. But the goal of mutual restraint is no less difficult in international trade than it is in international arms control. Both the European Union and the US federal system try, in different ways, to regulate industrial subsidies. Hufbauer examines efforts to contain unjustifiable subsidies and proposes modest improvements, bearing in mind that as countries struggle to overcome the global economic downturn resulting from the COVID-19 pandemic, there is little appetite for restoring a free market economy—one in which firms compete with minimum government assistance or regulation. Selective upgrading of the rulebook may nevertheless be possible.
- Topic:
- Agriculture, Government, Reform, European Union, Regulation, Manufacturing, Industry, COVID-19, and Subsidies
- Political Geography:
- Europe, North America, and United States of America
10. Startups in the United States during the pandemic reflect some dynamism amid job losses
- Author:
- Simeon Djankov and Eva (Yiwen) Zhang
- Publication Date:
- 05-2021
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- New business applications have surged in the United States since the start of the COVID-19 pandemic. The growth is driven largely by startups in online retail, transportation, and personal services. Many of these new entrepreneurs are self-employed and were likely laid off and forced into entrepreneurship by necessity. No official data are available yet on the number of businesses destroyed in 2020, because business data for firms that close without entering bankruptcy are lagging. But the authors calculate that firm births may have surpassed firm deaths during the pandemic. While this boom in business entry is a tribute to the adaptability and potential innovative spirit in US capitalism, one should not be overly optimistic about jobs created in this wave of startups. As many of these new startups are by people forced to strike out on their own, the number of jobs created per new firm is even smaller than it was during previous US recessions. And like online businesses started around the last recession (e.g., Uber, Airbnb, and Venmo), some of these new firms may turn out to be major contenders in their sectors, displacing workers employed by their traditional rivals.
- Topic:
- Science and Technology, Labor Issues, Financial Crisis, and COVID-19
- Political Geography:
- North America and United States of America
11. Economic costs and benefits of accelerated COVID-19 vaccinations
- Author:
- Joseph E. Gagnon, Steve Kamin, and John Kearns
- Publication Date:
- 05-2021
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- COVID-19 vaccination programs are generally understood to be a prerequisite for a return to normalcy in our social and economic lives. Emergency measures to research, test, produce, and distribute vaccines have been expensive, but increases in GDP resulting from the vaccines are expected to exceed those costs by wide margins. Few studies have quantified the economic costs and benefits of different rates of COVID-19 vaccination, however. This Policy Brief focuses on developing such a quantitative assessment for the United States; the approach may be applied to other countries as well. Two illustrative scenarios support the conclusion that most plausible options to accelerate vaccinations would have economic benefits that far exceed their costs, in addition to their more important accomplishment of saving lives. This Policy Brief shows that if, for example, the United States had adopted a more aggressive policy in 2020 of unconditional contracts with vaccine producers, the up-front cost would have been higher but thousands of lives would have been saved and economic growth would have been stronger. Instead, the federal government conditioned its contracts on the vaccines’ being proven safe and effective. The projections presented in this analysis show that even if unconditional contracts led to support for vaccines that failed the phase III trial and ultimately were not used, the cost would have been worth it.
- Topic:
- Economics, Health, Crisis Management, COVID-19, and Health Crisis
- Political Geography:
- North America and United States of America
12. Overheating debate: Why not in Japan?
- Author:
- Egor Gornostay and Madi Sarsenbayev
- Publication Date:
- 06-2021
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- An intense debate has erupted over whether the unprecedented size of the US fiscal stimulus will cause the US economy to overheat and generate high inflation. To date, the debate has focused primarily on the United States, even though many other developed economies responded to the COVID-19 crisis with unprecedented economic stimulus packages. By some measures, Japan stands out: The total amount of its three consecutive stimulus packages is estimated to exceed 50 percent of its GDP, about twice as high as the US fiscal packages (about 26 percent of US GDP). However, overheating concerns are not being actively raised for Japan. This Policy Brief finds that although Japan’s headline number looks astonishingly high, the actual size of its discretionary fiscal measures is about 16 percent of GDP, substantially smaller than the total size of the US packages. US fiscal stimulus is the largest among Group of Seven (G7) countries relative to GDP, justifying the attention economists have given it. The United Kingdom is estimated to spend more than Japan as a proportion of GDP, but even the UK stimulus program markedly lags behind that of the United States. If additional stimulus measures making their way through the legislative process in Canada are counted, Japan’s fiscal stimulus looks even smaller and would amount to being only average in size among G7 countries. Given this and the lackluster performance of its economy in the first quarter of 2021, it is unlikely that Japan will find itself in overheating territory any time soon.
- Topic:
- Inflation, G7, and COVID-19
- Political Geography:
- Japan, Asia, North America, and United States of America
13. A US Infrastructure Plan: Building for the Long Haul
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 02-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- Addressing America’s severe infrastructure needs—finally—must be at the top of the nation’s agenda. Improving infrastructure is one of the few issues that enjoys strong bipartisan support among the American public. Eighty percent of Americans support rebuilding our nation’s infrastructure—more than almost any other top issue facing the nation—and roughly two-thirds of Americans rate their own local roads as in fair or poor condition.1 A similar proportion say that the country is not doing enough to meet infrastructure needs.2 Modern, effective infrastructure is essential for virtually all US commerce and, therefore, for growth and prosperity that is widely shared among all Americans. Transportation and other forms of infrastructure must remake themselves to remain productive as the economy changes around them. But the devastating impact of the COVID-19 pandemic on the US economy makes improving our infrastructure, keeping America competitive, and getting Americans back to work that much more urgent. The pandemic has forced an accelerated integration of technology into the work, school and personal lives of many Americans. But that has revealed inequities in access to reliable, high-speed internet. This experience is one more example of how our nation’s deficient infrastructure slows our economic growth generally. Around 24 million US households lack access to reliable, affordable, high-speed internet. If not addressed, weak infrastructure can deprive many Americans of equal access to opportunity. And at the same time, climate change threatens the foundations of our economy.
- Topic:
- Climate Change, Infrastructure, Economy, Transportation, Sustainability, and COVID-19
- Political Geography:
- North America and United States of America
14. Vaccinating America
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 04-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- In December 2020, one year after the COVID-19 virus had been reported in China, the Food and Drug Administration (FDA) granted emergency use authorization in back-to-back announcements for the Pfizer/BioNTech and Moderna/NIAID vaccines. This was by far the fastest vaccine development in history. A typical vaccine took 10 years to develop, with the most rapid previous development being the four years it had taken for the mumps vaccine in 1967.1 And these two vaccines were of a new type, utilizing messenger RNA (mRNA). While mRNA had been studied for years, the unique spike protein of the coronavirus that causes COVID-19 provided a first opportunity to respond with an mRNA vaccine.2 The ensuing technological and scientific success could not have been accomplished without the collaboration of the private and public sectors. The distribution of the vaccine nationally could not have been accomplished without the major delivery companies stepping up to meet the challenges of on-time distribution of the vaccines, which required very cold storage. The research, development, and nationwide distribution of the vaccines has evoked comparisons to the private-public sector collaboration during WWII that led to the Manhattan Project’s rapid and dramatic scientific breakthroughs.3 After death tolls climbed into the hundreds of thousands, the vaccine announcements provided hope that there may be light at the end of the very dark COVID-19 tunnel. By the end of May, the United States is expected to have sufficient vaccine supply for the entire adult American population. But the challenge to manufacture, distribute, and administer the vaccinations quickly, efficiently, and fairly, in a race against continued infection and the emergence of variants of the virus here and all around the world, requires continued collaboration between the public and private sectors. The US and the world must win that race between vaccination and mutation to achieve “herd immunity” and return to normality in daily life and the economy. The stakes are high for both the current crisis and the inevitable pandemics of the future. For this reason, the following analysis offers a diagnosis of the current episode, and recommendations for today and tomorrow.
- Topic:
- Public Health, Vaccine, and COVID-19
- Political Geography:
- North America and United States of America
15. A US Workforce Training Plan for the Postpandemic Economy
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 04-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- Though the US economy is expected to recover to its prepandemic level of production (gross domestic product or GDP) by the second quarter of 2021, the postpandemic economy will be different in many important ways. The pandemic’s acceleration of trends toward remote work, digital transformation, and automation could permanently reduce demand for low-skill jobs. To build a large and fully competitive US workforce and reduce inequality, aggressive reskilling will be needed. Even before the global pandemic’s onslaught, preparing the future workforce to drive rapidly advancing technology in an increasingly competitive global economy—and minimize the adverse fallout from these trends—was one of the nation’s greatest challenges. COVID-19 has made this challenge more urgent. Now, an estimated 40 percent of workers will need short-term training and reskilling by 2025.1 American leadership, prosperity, and competitiveness will hinge on maximizing the skills of our nation’s workers. The pandemic has disproportionately displaced minority workers, women, youth, and workers with lower educational attainment, many of whom are among the near-record 40-plus percent of the jobless who have been unemployed more than six months. Such displaced workers, or the “long-term unemployed,” typically find it hard to get a new job the longer they are without one. For many of them, securing a new job will require training for skills that are in demand.
- Topic:
- Partnerships, Economy, Business, Training, COVID-19, and Workforce
- Political Geography:
- North America and United States of America
16. Containing the Pandemic Public Debt
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 05-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- In early 2020, the COVID-19 pandemic presented the entire world with its worst public health threat in at least a century. The precise seriousness of the pandemic, of course, could not be known at the outset; and in fact, the pandemic is not yet vanquished as this statement is written. The extent of the damage the virus and its mutations will ultimately cause is not yet fully known. But the near-miraculous efforts to develop vaccines, contain the infection, and treat the infected provide much-needed hope that a return to “normal” is not out of reach. The pandemic had economic consequences as well. And like the public health impact, the shock to the economy was large but impossible to assess accurately at its outset. And like the damage to public health, the economic fallout is still impossible to assess today with complete accuracy. For the first time in 100 years, stay-at-home orders to protect the public health spurred an economic downturn and dramatic job losses—leaving a wide swath of businesses in hospitality, travel, leisure, dining, and retail nearly shut down, with entire occupations, such as personal service workers, facing extended layoffs or even permanent job loss. The fates of these businesses and workers are unpredictable, depending on the uncertain course of the pandemic itself. Another similarity between the public health and the economic threats is that prudent public policy required strong and immediate responses. With the ultimate extent of the damage unknown but potentially catastrophic, executive and congressional policymakers deemed it essential that government react swiftly and robustly. Policymakers and commentators repeated often that the nation should err on the side of action—that it would be better to do too much rather than too little.
- Topic:
- Debt, Economy, Public Health, Pandemic, and COVID-19
- Political Geography:
- North America and United States of America
17. Voting Rights Issue Briefs
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 06-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- Two-thirds of eligible voters participated in the 2020 election, which represented the highest turnout in a national election since 1900, before women had the right to vote. More than 159 million Americans voted, the largest total voter turnout in our history and the first time more than 140 million individuals participated in an election. Turnout rose among all racial and ethnic groups, and for the first time a majority of Americans under the age of 30 cast ballots. This historic level of participation is more remarkable given that the election took place in the midst of the coronavirus pandemic.
- Topic:
- Elections, Domestic Politics, Voting, and COVID-19
- Political Geography:
- North America and United States of America
18. Reimagining K-12: Emerging from Disruption with Insights for Reform
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 06-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- In March 2020, at the start of the COVID-19 pandemic, K-12 schools struggled to transition to remote learning. School districts across the country with differing budgets and technological infrastructure responded uniquely, achieving differing levels of success. The transition to remote learning during the pandemic exposed a deep digital and device divide, widened achievement gaps between students in low- and high-income households, and imposed a physical and emotional toll. Even prior to the pandemic, according to international assessments of student achievement, American children were performing below the OECD average in math, and performance gaps between low- and high-income students were widening faster in the US than in other countries, especially in reading. Pandemic-related school closures and remote learning mandates exacerbated existing inequities domestically. Remote learning has been widespread during the pandemic. Near the end of the 2020–2021 school year, 49 percent of households with children enrolled in public or private schools reported that children were still receiving at least some virtual or online instruction (Chart 2). (In some cases, this included on-campus students logging on to virtual lessons from inside their classrooms, despite their schools having reopened to physical learning.) Virtual instruction is down to about half from the nearly two-thirds of households who reported children moving to at least some online learning at the beginning of the school year.1 However, more than a year after the onset of the COVID-19 pandemic, many children are still subject to the learning limitations of emergency remote learning models.
- Topic:
- Education, Pandemic, and COVID-19
- Political Geography:
- North America and United States of America
19. Global Supply Chains: Compete, Don’t Retreat
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 07-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- For decades, global supply chains have become increasingly integral to the US economy and have been embraced by business and successive US Administrations because they increase efficiency and US competitiveness. But over the past several years, criticism has grown beyond the argument that US jobs are being exported to include concern about a more hostile and competitive global landscape.1 Then the COVID-19 pandemic struck, and lockdowns were imposed. Production in general was disrupted, shutting down suppliers and interrupting transportation channels; foreign governments closed their borders or hoarded crucial supplies for their own peoples.2 Prominently, lifesaving supplies—including personal protective equipment (PPE) and pharmaceutical production commodities, often sourced from abroad—were in short supply, putting frontline health care workers at even greater risk and complicating vaccine distribution.3 And then, as the pandemic began to ease and demand for goods increased, the enormous container ship Ever Given was grounded in the Suez Canal for six days, bringing much of goods transport around the world to a grinding halt and raising fears of even greater supply chain bottlenecks and commercial chaos.4 This truly unprecedented turn of events has exposed challenges to US reliance on global supply chains. Critics of the “offshoring” of jobs have assigned much of the economic and even the human pain of the pandemic to unwise and excessive dependence on global supply chains that include countries with “command” economies rather than free-market ones, or hostile nations that are unreliable sources of essential goods. The pandemic has also raised national security concerns about the reliability and resiliency of global supply chains, and businesses have been forced into workarounds of their own practices. Given the size of China’s economy, its extensive role in global supply chains, its growing military strength, and the growing tensions in its bilateral US relationship, China is at the nexus of these major concerns about supply chain resilience. The new administration has responded to this turmoil with a series of policy directives,5 studies on the subject,6 and legislative proposals under active consideration in Congress covering both short-term and medium-term responses, including a twenty-first century industrial strategy—which would be a major change of US policy direction. Global trade in materials, tools, components, and services deserves an immediate assessment of both security and economic needs for the long term.7 Security with prosperity must be the goal, and the nation must fully comprehend the bigger picture to achieve that outcome. This brief will put the role of global supply chains in the US and the world economy in perspective. It will offer recommendations to manage the economic and security challenges of global supply chains in the postpandemic economy to ensure that the US remains an innovative and competitive global leader.
- Topic:
- Economy, Trade, Strategic Competition, COVID-19, Commerce, and Supply Chains
- Political Geography:
- North America, Global Focus, and United States of America
20. New York City: Rebuilding a Future-Focused Economy
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 08-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- Major shifts are expected in how New Yorkers work in the postpandemic economy—remotely or in the office. But the COVID-19 pandemic has also dramatically accelerated a shift in the sectoral landscape of New York City and the industries in which New Yorkers will work. Restoring the city’s economic dynamism and creating a postpandemic, locally prosperous, and globally competitive economy will hinge on leveraging the city’s growth sectors and ensuring that New Yorkers have the skills they need to rebuild a thriving, future-focused NYC economy. The city lost almost 900,000 jobs during the initial months of the pandemic and had recovered just over half of those jobs by June 2021. Many of these job losses are in sectors that had seen relative weakness prior to the pandemic, including the city’s historically important finance & insurance and real estate sectors. The recovery in NYC has so far been an unbalanced one, lagging behind other major US city centers. Much of NYC’s ongoing economic recovery has been concentrated in health care, life sciences, and the growing tech industry, sectors that were strengthening prior to the pandemic. Indeed, tech jobs were already driving much of the employment growth in NYC before the pandemic. And while office and residential buildings emptied out during the crisis, Big Tech companies—including Amazon, Apple, Facebook, and Google—have increasingly moved in, expanding their office and warehouse spaces and accelerating hiring.
- Topic:
- International Trade and Finance, Finance, Economy, and COVID-19
- Political Geography:
- New York, North America, and United States of America