The turn from just-in-time to just-in-case globalization in and after times of COVID-19 | Zendy

Steven Brakman | Zendy; Harry Garretsen | Zendy; A. van Witteloostuijn | Zendy

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The turn from just-in-time to just-in-case globalization in and after times of COVID-19

Author(s) -

Steven Brakman,

Harry Garretsen,

A. van Witteloostuijn

Publication year - 2020

Publication title -

social sciences and humanities open

Language(s) - English

Resource type - Journals

ISSN - 2590-2911

DOI - 10.1016/j.ssaho.2020.100034

Subject(s) - argument (complex analysis) , globalization , covid-19 , economics , value (mathematics) , resilience (materials science) , international business , risk appetite , economic system , risk management , market economy , management , medicine , biochemistry , chemistry , physics , disease , pathology , machine learning , computer science , infectious disease (medical specialty) , thermodynamics

In this essay, we apply insights from International Economics and Economic Geography to examine how the current COVID-19 crisis may structurally change the international economy. Our key argument is that the current crisis will fundamentally change key economic actors’ risk appetite, triggering a renewed risk assessment that will lead to the comeback of buffers and borders across industries. This partial return to regionalization will involve a form of de-globalization that transforms modern just-in-time management into its just-in-case counterpart, because resilience will be priced and discounted for by enterprises and governments alike. We discuss what such a structural change will imply for the International Business of international value chains.

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