> The promise of globalization was primarily about improving economic efficiencies, not liberalization. Has it succeeded in that regard?
Another goal in which it succeeded was in preventing major wars between the superpowers. US and China are so co-dependent in their economies that they can't declare war against each other. Russia less so, but, still, they can only engage through proxy wars.
Where it failed is that these long supply chains are incredibly brittle and chaotic - a major shock puts the system in cascading collapse and it takes years to recover it to a workable state. This TSMC investment is a response to those collapsed long chains.
Another failure was the promise to deliver better living standards to everyone. What happened is that industrial jobs in the developed countries were shipped to developing ones, favoring places where labor is so unregulated that it looks like indentured servitude.
Another goal in which it succeeded was in preventing major wars between the superpowers. US and China are so co-dependent in their economies that they can't declare war against each other. Russia less so, but, still, they can only engage through proxy wars.
Where it failed is that these long supply chains are incredibly brittle and chaotic - a major shock puts the system in cascading collapse and it takes years to recover it to a workable state. This TSMC investment is a response to those collapsed long chains.
Another failure was the promise to deliver better living standards to everyone. What happened is that industrial jobs in the developed countries were shipped to developing ones, favoring places where labor is so unregulated that it looks like indentured servitude.