Ricardo would be turning in his grave

There are limits to building resilience over economic efficiency

Supply chain disruptions resulting from the Covid-19 pandemic and Russian invasion of Ukraine have scared the world and, in turn, given a big impetus to trade deglobalisation and increased protectionist behaviour amongst nations.

Most of the major economies have turned inward-looking, exploring new or alternative supply sources and aiming to become self-reliant to the extent possible. Increased costs have been often justified to achieve self-reliance in strategic sectors in these uncertain times.

Domestic industries thriving mainly on local clientele love protectionism. For them, it means going back to the old pre-free-trade times — reduced competition, less pressure to improve productivity or operational