Roger W. Ferguson, Jr., and Maximilian F. Hippold
After years of promoting globalization and free trade agreements, in the past decade, U.S. policymakers have coalesced around an economic agenda that emphasizes industrial policy and supply chain security. This pivot was in large part a reaction to the downsides of economic interdependence. Although the overall economic benefits of globalization are undisputed, they have been unevenly distributed. In many parts of the United States, unfettered international trade brought a decline of domestic industry and the loss of well-paid manufacturing jobs. Entire regions, especially rural and predominantly industrial ones, were left behind. The supply chain issues that emerged during the
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