MARK BARNES: Unclogging global trade routes will put innovators on the map
Global supply chains are in disarray, with long-term consequences for trade, writes Mark Barnes
07 November 2021 - 07:08
One of the founding principles we learnt in economics 101 is that price is determined where supply and demand intersect (in a free and fair economy). Worldwide, supply chains are in various stages of being stuck in the mud. This phenomenon, certainly compounded, if not solely caused, by the pandemic, may well be temporary, but it could bring about longer-term structural changes to global trade.
A recent Bloomberg story pointed out that, on any given day, there are something like 25-million shipping containers at sea, and that the average number of days spent waiting to offload is up by 60%. What is the effect of all of this?..
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