BAKU, Azerbaijan, June 18. Just a few years
ago, executives at the world’s largest corporations were focused on
one thing above all else: cutting costs. Production was moved
wherever labor was cheapest, supply chains were designed for
maximum efficiency, and suppliers were chosen regardless of
geography. Today, the conversation in boardrooms looks very
different. Instead of asking how to reduce expenses, companies are
increasingly asking how to reduce risk.
From semiconductor plants being built across the United States
to manufacturers shifting operations from China to Mexico and
Southeast Asia, the global economy is undergoing a profound
transformation. Economists often describe this trend as
deglobalization, though the term can be misleading. What is taking
place is not the end of international trade, but the emergence of a
new model of globalization—one shaped…
