East Asia Forum-Nov 28, 2022

It is one of the blessings of old friends, as Ralph Waldo Emerson once wrote, that you can afford to be stupid with them. Stupidity is perhaps a harsh word for the general direction of international economic policy in the age of COVID-19 and the Russian invasion of Ukraine, but it is not wholly inapt, either. The idea — increasingly popular among policymakers, particularly in the West — that international trade and investment should predominantly take place between close geopolitical friends is supposedly a solution to a darkening geopolitical environment, but the economic implications could be as disastrous as the rhetoric is slick. Read more at: https://www.eastasiaforum.org/2022/11/28/friendshoring-and-onshoring-protectionism-industrial-policy-and-geopolitical-blocs-by-another-name/ First published in East Asia Forum