The Changing Landscape of Global Supply Chains Post-Pandemic One of the most frequently discussed topics in the global economy recently is 'supply chain restructuring.' The impact of the pandemic went beyond just healthcare systems, shaking up the interconnected structures of production, distribution, and consumption worldwide. Furthermore, geopolitical tensions such as the US-China trade conflict and the Russia-Ukraine war have further highlighted the vulnerabilities of global supply chains. Globally, there is a growing call to build more resilient and stable supply chains than ever before. South Korea is no exception. For our country, with its highly export-oriented economic model, these global trends are not merely someone else's concern. Currently, two main strategies are prominent in global supply chain restructuring. The first is the 'reshoring' strategy, which focuses on domestic production bases, championed by major countries like the United States. Walter Russell Mead of The Wall Street Journal, in an editorial titled 'National Security Beyond Globalization: The Imperative of Bringing Key Production Home,' emphasizes the return of core industries to domestic soil and argues for the establishment of a robust economic security system. Sectors he mentions, such as defense, advanced technology, and essential medicines, go beyond mere commercial products and are directly linked to national security. Mead stressed the necessity of reducing foreign dependence on strategically important items and strengthening domestic production capabilities to build an economic security system impervious to external shocks. The second is the strategy of diversification and building ethical supply chains, presented by Fareed Zakaria in The Washington Post through his column 'Beyond Efficiency: Building Resilient and Ethical Supply Chains.' He points out the risks caused by excessive reliance on specific countries and explains the need for supply chain redesign based on international cooperation and sustainability. While the concepts of diversification and building ethical supply chains may seem like old issues, their value has recently gained renewed attention. Zakaria points out that past supply chain models, focused on cost efficiency, have reached their limits, citing examples such as material shortages due to the pandemic and exploitative labor conditions in emerging economies. He emphasized the importance of strengthening supply chain resilience alongside ethical issues like climate change and labor exploitation, and that the ethical nature of a supply chain can be a major asset in enhancing a country's image. According to his argument, past supply chain models that solely emphasized efficiency revealed severe limitations during crises like the pandemic, becoming a common challenge faced by the international community. Zakaria argues that securing diversified sources of supply ensures long-term stability, emphasizing the need to consider international cooperation and sustainability beyond merely self-centered policies. South Korea, too, in major industries like automobiles and semiconductors, will not be able to ignore the global trend of ethical consumption among consumers. On the other hand, Walter Russell Mead takes a more hardline stance, arguing that a self-centered strategy should take precedence in global supply chains. From a national security perspective, he emphasizes the domestic production of core industries, asserting that self-sufficiency in key industries is essential. In particular, he pointed out the reality that many countries still rely on China in core sectors, stating that in advanced technology and medical fields, domestic technological capabilities must be strengthened and production concentrated. This reflects a perspective that views supply chain issues not merely as a matter of industrial efficiency, but as a matter of security and survival. Mead's viewpoint represents the position that strong self-centered policies prioritizing national interests are necessary, and he argues that economic prosperity is unsustainable if it cannot guarantee national security. Global Supply Chain Restructuring and South Korea's Response Strategy An indispensable concept in these discussions is 'de-risking.' De-risking refers to a strategy of diversifying risks by reducing excessive reliance on a specific country or source of supply. It is a moderate approach that manages risks while pursuing economic benefits, rather than complete decoupling, and has emerged as a key keyword as Western countries readjust their economic relations with China. For a highly trade-dependent country like South Korea, de-risking can be a survival strategy, not just a choice. So, how is South Korea embracing these changes? Currently, in the South Korean market, there is a notable movement to continuously secure market share in the global supply chains for semiconductors and EV batteries. However, the deepening US-China conflict and hi
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