Toy Story, Global Version
One of the impacts of globalization is the increased supply of goods, services, labor, capital, and so on. I’m not gonna go all breathless, Tom Friedman-ny about it, but it’s unarguably true. And that truth carries benefits and costs.
We’re seeing one harsh aspect of the cost side of the equation play out in the China toy debacle, and this raises some deeply important caveats about the way globalization is evolving.
Where was the regulatory breakdown?
Where is the market discipline?
Why is toy production so concentrated; where’s the global risk dispersion?
