Coronavirus has threatened public health, economies, and everyday life around the world.
Globalization has exacerbated the pandemic’s impact on supply chains.
In business contexts, globalization is defined as the practice of operating internationally and offers the following benefits:
Globalization is about sharing people, ideas, and information.
This exchange of resources enables organizations to build their products or services internationally.
For decades, this global division of labor maximized returns for every player in the supply chain.
Globalization has empowered producers to form adaptable supply chains in which they can swap suppliers and components as needed.
Confronted with coronavirus, however, supply chains have weakened, and globalization is on the hook. The pandemic has revealed that there’s little slack to help international supply chains bounce back if one link in the chain breaks down.
As a result, businesses are examining how much they rely on other nations.