Critics of the policy argue that friend\u002Dshoring can easily become exclusionary and elitist, and lead to protectionism. Read more.
“Friend-shoring is the idea that countries that espouse a common set of values on international trade … should trade and get the benefits of trade,” Yellen said alongside Freeland at the Canada 2020 event. The idea is to ensure the U.S. and its allies have “multiple sources of supply and are not reliant excessively on sourcing critical goods from countries, especially where we have geopolitical concerns.
This view was cemented by political scientist Francis Fukayama’s book The End of History, which argues that the decades-long squabble between great powers over which system was best had finally come to an end, and henceforth government by liberal institutions steeped in a tradition of democracy and co-operation would become the norm.Leaders such as China’s Xi and Russian President Vladimir Putin apparently saw things differently.
For years, countries have been turning inward. Friend-shoring is the culmination of that process; the interdependence that was once prized at globalization’s apex at the beginning of the millennium has proven detrimental in a world rocked by war and pandemics. Russia’s invasion of Ukraine was the tipping point, but the global order was already teetering due to widespread pessimism about the merits of freer trade and distrust between China, the U.S., and the EU.
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