https://www.cnbc.com/2022/02/28/biden-administration-expands-russia-sanctions-cuts-off-us-transactions-with-central-bank.html “Our strategy to put it simply is to make sure that the Russian economy goes backward. As long as President Putin decides to go forward with his invasion of Ukraine,” A senior Biden administration official said. These sanctions imposed against Russia takes a wide toll, including the US economy. The US also applauded Australia, Canada, the European Union, Japan, and the United Kingdom for having agreed to take “similarly forceful” actions against Russia.
5 Matching Annotations
- Mar 2022
-
docs.google.com docs.google.com
-
-
This article highlights the extent to which Russia's economy as well as the livelihoods of Russians is being impacted by the economic sanctions imposed by the US and EU. This article by Emily Stewart sheds light on what this conflict means for the rest of the world. https://www.vox.com/22956536/what-sanctions-do-russia-economy-ukraine-oil
-
- Feb 2022
-
www.ianfeinhandler.com www.ianfeinhandler.com
-
the fact that the global economy doesn’t work as they thought it did. Globalization calls for an ever-increasing specialization of labor across countries, a model that creates extraordinary efficiencies but also extraordinary vulnerabilities.
The production of semiconductor chips is a perfect example of globalization. The industry itself is a $400 Billion global industry and a semiconductor chip manufacturer, based in the US, can have more than 16000 suppliers of more than 8500 are outside of the US. (Economist) The shortage of these chips as a result of the pandemic has revealed the fragility of globalization. China imports more semiconductor chips than oil.
-
This pandemic is reshaping the geopolitics of globalization, but the United States isn’t adapting. Instead, it’s sick and hiding under the covers.
This pandemic has revealed that globalization is not the problem, but the solution. As a result of globalization, we're increasingly closer to discovering effective vaccines. The way supply chains have adapted has contributed to reducing the economic impact. Additionally, technology allows is to use the world's resources and assemble individuals to combat this and future crises. The way globalization works is evolving, but it is far from disappearing. This year’s DHL Global Connectedness Index is a testament to these ideas. https://www.dhl.com/global-en/spotlight/globalization/global-connectedness-index.html
-
So far, the United States has not been a leader in the global response to the new coronavirus, and it has ceded at least some of that role to China. This pandemic is reshaping the geopolitics of globalization, but the United States isn’t adapting. Instead, it’s sick and hiding under the covers.
firms are moving from "just in time" supply chains focused on reducing costs to "just in case" focused on resilience. Going forward there will be a lot of focus on "strategic" industries like microchips to ensure that countries are not dependent on other countries for their supply e.g. TSMC building factory in Arizona
-