But critical supply chain components are more frequent than people would like to think. In a period where sea freight becomes less stable, it's not a question of 'what goods can we not live without' but 'what goods can we not live without if delivery isn't stable and regular'?
The U.S. is already losing sea hegemony. This was a key piece that enabled globalization to begin with.
Do you have examples of freight becoming unstable due to military actions and not supply constraints? The de globalization thesis makes sense but I don’t see examples of regional powers flexing their muscles causing supply chain problems, at least not publicly.
I suppose Russia is an obvious example in the EU but are their other examples?
The answer to 'what goods can we not live without if delivery isn't stable and regular' is that you go back to the traditional approach which was used for centuries when delivery wasn't stable and regular: simply keep large inventories of the goods. [In recent decades business switched to Just In Time, but this has been shown not to work with irregular delivery--so business is going back to the traditional methods.]
The U.S. is already losing sea hegemony. This was a key piece that enabled globalization to begin with.