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Joseph Stiglitz on How to Build Shock-Proof Supply Chains
Jul 11, 2024
Joseph Stiglitz, a Nobel Prize-winning economist, dives into the complexities of supply chain resilience post-pandemic. He discusses why companies hesitate to maintain extra inventories, emphasizing the inherent risks of underinvestment. Stiglitz advocates for strategic reserves and long-term economic practices to ensure stability and equitable growth. The conversation critiques the existing international economic structures, addressing the necessity for policies that benefit all, particularly in developing nations.
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Quick takeaways
- Maintaining extra inventories can enhance supply chain resilience during unexpected shocks like the pandemic.
- Balancing individual profit motives with collective capacity needs is crucial for sustainable supply chain resilience.
Deep dives
Globalization and Its Discontents: A Critical Study of International Institutions
Globalization and Its Discontents, a book by economist Joseph Stiglitz, challenges the idea of inevitable international institution outcomes by providing a critical examination of their functions and impacts. Stiglitz's study presents a view that institutions are not inherently predetermined and encourages discussions on their roles and operations.
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