Who Supplied My Cheese? Supply Chain Management in the Global Economy |
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Authors: | Thomas F Siems |
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Institution: | (1) Research Department, Federal Reserve Bank of Dallas, Dallas, TX 75201, USA |
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Abstract: | Today, with an Internet connection and some specialized
skills, individuals and companies located in the
remotest ends of the earth can compete and collaborate
globally. This paradigm shift has occurred as technological
forces, the fracturing of political barriers, and a
relentless drive for greater efficiencies changed how we
work and where we work, ushering in the age of globalization
in ways never imagined previously. While many
factors can influence macroeconomic variables—including
better monetary and fiscal policies, freer trade, and
fewer economic shocks—evidence is presented here that
better global supply chain management and a more
global economy should not be overlooked. On the one
hand, these new practices have likely helped to keep
inflation lower, reduce economic volatility, strengthen
productivity growth, and improve living standards. On
the other hand, these new practices cause greater uncertainties
and calls for protectionist policies, as outsourcing
and offshoring move work to lower cost providers
with little regard for geopolitical boundaries.
JEL Classification F110, F020 |
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Keywords: | globalization supply-chain trade outsourcing |
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