I read this w/interest, but got stuck at this phrase: " #Globalization, and free markets, have probably been stuck a fatal blow. Beyond necessities, it is highly unlikely that international #trade will recover in the near future." I don't agree. Here's why (1/n) #PakThink https://twitter.com/LeAccountant/status/1251366878066466817

If anything - this crisis shows the importance of a trading system that allows to do risk-pooling - US sent millions of masks earlier in the year, China sends PPE to US (and many countries inc. #Pakistan) - now. Melt-blown fiber for N95 masks is also being traded. (2/n)

Yes, many imposed export restrictions. But many are also liberalizing imports of #COVID19 essentials With some perspective, we'll see how counterproductive the bans are. Just like we saw it in the past. [see @SimonEvenett updates on this to see more on these measures]. (3/n)

Different patterns of trade will emerge: and it's already emerging. Entrepreneurial Pakistanis are already moving into production of protective gear and exporting it! N95 masks are also being produced at home with nano fibers coming from #China (4/n)

#Digital trade emerges with strength. The experience of forced #telework shows it's feasible to source certain services from distant suppliers, without physical contact. It's accelerating the third #unbundling of which @BaldwinRE has talked in #TheGreatConvergence (5/n)

In sum - unlikely this will be a fatal blow to a globalization process that help lift many out of poverty, and to increase efficiency. Some changes in trade governance, perhaps, relative changes in trade structures, sure, but the end of globalization, unlikely. #PakThink