Companies such as Walmart and GE created the outsourced, offshore manufacturing boom. Globalization was the future and it would be great for everyone. That’s what the economics theory says too.
But then the pandemic happened and much has changed.
BENTONVILLE, Ark. (KNWA) — Walmart announced Wednesday a goal to invest $350 billion in the “future of U.S. manufacturing” over the next 10 years.
A related issue is “carbon taxes”. Many countries know full well they outsourced their own dirty industries to other countries – so they could virtue signal how clean their country had become.
Now, though, several countries have proposed a carbon import tax – such that goods made in cheaper but dirty manufacturing facilities elsewhere – will cost the same as those made in cleaner domestic facilities.
Of course, this does mean we will all be paying more for things in the future.