Global supply chains, the circuitry that keeps global trade flowing, has been tripping of late. One, expounded by Larry Summers, the former US Treasury secretary and resonating with many in the west, argues that global supply chains should move away from just-in-time to “just-in-case”. The other contending view, emanating from the Internatonal Monetary Fund, is that global supply chains should be made more resilient through increased diversification. There is little doubt that globalisation, epitomised by global supply chains, has been beneficial for the world. As the needed realignment of global supply and value chains happens, developing countries can and should position themselves as recipients.
