The Economics Show Bonus: Globalisation can be slowed, but not stopped
May 15, 2025
Ben Chu, a policy and analysis correspondent at BBC Verify and author of 'Exile Economics,' joins the discussion to explore the complexities of global trade and self-sufficiency. He reflects on the impacts of Donald Trump’s tariffs and discusses historical trends leading to today's economic isolationism. Is true self-sufficiency achievable? They debate the importance of cooperation versus isolation in securing economic stability, alongside examining the symbolic role of steel in national strength and the challenges of U.S. resource management.
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Personal Story of Globalization
- Ben Chu shares his family story as a child of globalization, with his father's move from China to the UK in 1960.
- He witnessed firsthand the rise in living standards for his relatives in China over 45 years due to globalization.
Exile Economics Explained
- Exile economics means countries pushing for self-sufficiency, rejecting interdependence, and downgrading multilateral collaboration.
- This trend has been growing globally for over a decade, predating Trump's presidency.
Managing Supply Chain Vulnerabilities
- Governments should map supply chains comprehensively to identify vulnerabilities.
- Stockpiling and diversifying suppliers regionally can reduce risks without full self-sufficiency.