COVID-19 Exposes the Terrible Dangers of Globalization From Washington Times: Peter Morici     @pmorici1 The coronavirus lays bare the terrible dangers of globalization on steroids but will hardly summon its demise. The benefits from international exchange of goods, capital, technology and people are too compelling, and the real challenges are to manage those more effectively and forging tougher domestic measures to cope with pandemics. After World War II, freer commerce among Western democracies and supporting institutions ushered a golden age of capitalism - mutually re-enforcing peace and prosperity among historical adversaries and opportunities for developing nations to transform their economies and raise millions from poverty. The coronavirus reveals a global supply chain drawn too taut by just-in-time inventory practices and lowest price sourcing. Apple can't make nearly enough iPhones if China shuts down, automakers in Germany must idle workers if components' factories in northern Italy close and we are perilously dependent on China for many active ingredients to make many drugs. The threats posed by coronavirus are hardly something new - influenza pandemics swept the United States in 1957, 1968 and 2009. In 1957, the United States did not practice much social distancing, most schools remained open and little was done to limit workplace interactions. The virus killed 100,000 Americans out of a population of 177 million but had a very small impact on the economy. The example of St. Louis, which responded to the 1918 Spanish Flu more quickly and suffered fewer casualties than Philadelphia, was either not yet well enough documented by historians or federal health authorities placed too much trust in only partially effective vaccines. China, after initially denying the coronavirus, took stronger measures than Italy, Washington State and New York and other states. And U.S. citizens have been slow to respond to voluntary measures - despite their clear potential benefits. Consequently, our national experience will be more like Italy than China, and 240,000 deaths out of a population of 331 million could result. Still the porous business closures, work-at-home and social distancing we have implemented easily could push unemployment to 20 percent and reduce GDP by as much as $5 trillion.   America has both suffered the loss of life of a significant unbridled pandemic and taken an economic hit that rivals China - where loss of life will be less. Links to Peter Morici Columns in the Washington Times https://www.washingtontimes.com/staff/peter-morici/