> global trade ... everyone is lifted up and made richer over time
Are you sure about that? "Total global trade" seems unstable to me. Look at the coronavirus, and countries mostly unable to produce their own masks, having to import instead from far away countries — but that country sold to the highest bidder primarily. Here were I live, I couldn't buy any masks (back in April and May).
> the cost of attempting to be self sufficient in everything (like semiconductor manufacturing) means closing borders to competitors outside
Can that be done differently? A country can have a small amount of domestic production, to keep knowledge and tech available in the country. Whilst importing most things from abroad, because of the benefits you mention with global trade. — Then you get both stability in case of crisis, and global trade efficiency? And more local jobs
In regard to the masks, examples exist and the world isn't perfect. No doubt it will be a business school case study for decades to come.
As far as personal anecdotes (because seeing numbers and seeing it with your own eyes are not the same), I have been traveling for more than three decades to developing countries and have seen the changes, the access to medicine, clothing, school supplies, food availability. From the developed world, we would still call these people poor, but the quality of life for the same class of people over a few decades has changed dramatically.
> Can that be done differently? A country can have a small amount of domestic production, to keep knowledge and tech available in the country. Whilst importing most things from abroad, because of the benefits you mention with global trade. — Then you get both stability in case of crisis, and global trade efficiency? And more local jobs
Just run through the thought experiment. It can be done, but that small amount of domestic production needs to find either subsidy or a customer that must have things made domestically (like maybe a government). Subsidy means the taxes you and I are paid are allocated to create sub-efficient industry. Domestic production needs, while real for purposes of national security etc, are tricky. We have seen in recent years Trump (his predecessor too), using executive power to force things to happen on the basis of national security. Some are fine with it, other call it abuse of power. My point is just, it is messy.
Are you sure about that? "Total global trade" seems unstable to me. Look at the coronavirus, and countries mostly unable to produce their own masks, having to import instead from far away countries — but that country sold to the highest bidder primarily. Here were I live, I couldn't buy any masks (back in April and May).
> the cost of attempting to be self sufficient in everything (like semiconductor manufacturing) means closing borders to competitors outside
Can that be done differently? A country can have a small amount of domestic production, to keep knowledge and tech available in the country. Whilst importing most things from abroad, because of the benefits you mention with global trade. — Then you get both stability in case of crisis, and global trade efficiency? And more local jobs