[E]very responsible citizen needs to learn some economics... such... that one becomes aware of the different types of... arguments... and... judge wh… - Ha-Joon Chang

There are concerns that the s that have been built in the last few decades of globalization have become too concentrated, so if something goes wrong in one place, the whole chain is affected... It was already happening, but now.... people are saying... we need to do something about it.

[A] lot of developing countries are dependent on primary commodities, and especially those that are dependent on oil have been devastated because oil demand has collapsed as a result of the pandemic. ...[I]t is important for developing countries to diversify... production structure to avoid this... Easier said than done... Ecuador, under Rafael Correa, tried for about 10 years to shift the production structure. The pull of the oil was so strong that by the end of his term, it was a bit lower, but the dependence was still very high. ...[I]n the next few years, because of the pandemic... primary commodities... (material products) might actually become more important in relative terms... [T]he overall level of demand will be lower... but... in relative terms, at least, primary commodities are going to fare better than... services. The point... is... what happens in the long run will really depend on what you do with the income that you earn from primary commodities. ...[L]uckily a lot of countries have been thinking about industrializing using more active ... so something might happen in some countries and... some... are already doing... very impressive things... Ethiopia has converted a lot of its garment making facilities—basically investments from east Asia: South Korea, China, Taiwan—into factories producing [medical] personal protection equipment... [I]t has converted... passenger jet planes into cargo planes and is doing more cargo business.

ECONOMICS COCKTAILS. Ingredients: Austrian, Behaviouralist, Classical, Developmentalist, Institutionalist, Keynesian, Marxist, Neoclassical and Schumpeterian. [...] Health warning: On no account drink only one ingredient – liable to lead to tunnel vision, arrogance and possibly brain death.