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Tariq Karim, Director of the Centre for Bay of Bengal Studies at the Independent University, Bangladesh, explains that “Countries understand better now the stark reality and need for developing intrinsic resilience by creating and establishing value and supply chains domestically, and extending them regionally across borders to countries in their near vicinity.” Additional
Dennis Novy, Christopher Meissner, David Jacks We are used to distinguishing between the ‘first’ and ‘second’ globalisation, separated not only by two world wars but also by changes in technology and institutions, and hence by their basic economic logic. The first globalisation is typically described in terms of ‘classical’ trade models of comparative advantage, where countries trade to take advantage of their differences. By contrast, the second globalisation is largely described in terms of ‘new’ trade models based on monopolistic competition and firm heterogeneity. Here, s...