I very much agree, just in time economy maximizes profit efficiency because you don't need to keep stores of commodities, but it creates fragility. As soon as you have some unexpected event like a ship getting stuck in the Suez canal, the whole global economy grinds to a halt. And unexpected stuff happens, that's just a fact of life. Factories have accidents, ships sink, wars start, droughts happen, etc. A fragile economy that spans the whole globe simply can't deal with these kinds of events in a reasonable way. So, I expect well be seeing more and more economic crises happening because the world is becoming more unstable overall and the economic house of cards the west built is starting to fall apart as a result.
I very much agree, just in time economy maximizes profit efficiency because you don't need to keep stores of commodities, but it creates fragility. As soon as you have some unexpected event like a ship getting stuck in the Suez canal, the whole global economy grinds to a halt. And unexpected stuff happens, that's just a fact of life. Factories have accidents, ships sink, wars start, droughts happen, etc. A fragile economy that spans the whole globe simply can't deal with these kinds of events in a reasonable way. So, I expect well be seeing more and more economic crises happening because the world is becoming more unstable overall and the economic house of cards the west built is starting to fall apart as a result.