When the current recession ends, the global economy that emerges will look very different from the one that entered the downturn. As the economy grows and innovation advances the pressure for institutional changes increases while at the same time the historic success of the status quo resists all such changes. In a downturn [...]

Over the past 20 years, ever more sophisticated global supply chains have been built using internet based technology, which made possible global control of production, logistics and inventory. China, with its vast numbers of workers and carefully managed low cost currency, captured the lion’s share this off-shored production.
As an unanticipated consequence of these tightly [...]