De-risking makes economies more fragile

The global economy is entering a new phase. For 40 years the dominant objective was efficiency. Capital, production, labor, logistics and technology were organized across borders to reduce costs and maximize output. Today that model is being challenged by a new objective: resilience. The language used is "de-risking". The assumption is straightforward. Dependence creates vulnerability. Therefore reducing dependence should increase security. The problem is that the global economy is not simply a