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Provision for Adversity: Managing Supply Uncertainties in an Era of Globalization

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Author Info

  • McGuire, M.

Abstract

As contemporary globalization of the world economy continues, each nation enjoys the benefits of greater exploitation of scale economies and of specialization and exchange. But equally true, globalization causes greater dependence among regions, nations, and localities and this necesserily implies greater vulnerability to disruption of supply to/from each other. Alternative actions which countries might take or actually have taken to manage this vulnerability incluse (a) stockpiling of goods which might be lost due to political, economic, or natural causes, (b) protection of domestic industries which otherwise could not compete in workd markets (the classical "national" security" argument for protectionism), (c) maintenance of standby production capabilities, itself closely related to stockpiling and (d) forming special economic unions or contingency agreements to guarantee stable supply and exchange. This paper develops a unified analysis of the first two of these alternative policies.

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Bibliographic Info

Paper provided by California Irvine - School of Social Sciences in its series Papers with number 99-00-16.

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Length: 26 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:calirv:99-00-16

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Postal: UNIVERSITY OF CALIFORNIA IRVINE, SCHOOL OF SOCIAL SCIENCES, IRVINECALIFORNIA 91717 U.S.A.

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Keywords: INTERNATIONAL ECONOMY ; ECONOMIC INTEGRATION;

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Cited by:
  1. Huntington, Hillard G., 2003. "Energy disruptions, interfirm price effects and the aggregate economy," Energy Economics, Elsevier, vol. 25(2), pages 119-136, March.
  2. Toshihiro Ihori & Martin McGuire, 2006. "Group Provision Against Adversity: Security By Insurance vs. Protection," CARF F-Series CARF-F-086, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  3. Martin McGuire, 2006. "Uncertainty, Risk Aversion, And Optimal Defense Against Interruptions In Supply," Defence and Peace Economics, Taylor & Francis Journals, vol. 17(4), pages 287-309.

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