As Warren Buffett once said, “Only when the tide goes out do you discover who’s been swimming naked.” This pandemic is just the wave to accelerate the revelation of grim truth. The global manufacturing shift from North America and Europe to Asia, especially China, has weakened the West’s industrial supply chain. If Brexit and Donald Trump’s election were not compelling enough, this virus may finally bury the illusion of free trade, heralding the official arrival of limited globalization. Post-COVID-19, education and tourism may return to some level of their former prosperity, but some other industries, particularly manufacturing, will become increasingly restrained.

The great winners of globalization have been the China-led Asian poor and middle classes, Western financiers and Asian industrialists. They respectively provide the low-priced labor, capital and entrepreneurship that have facilitated the global…

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