Global supply chains (GSCs), which emerged from and thrived with globalization, are associated with technological changes and affected by industrial and trade policies. One lesser-known fact is that the cycle of globalization took place in waves, each has sequentially been followed by a downturn that eventually reshaped the cross-border flow of goods, capital, and people. The so-called second phase of globalization, which was empowered largely by the ICT revolution and politico-economical openness, has evidently faltered and slowed in the post-2008 financial crisis Recent development of trade tensions, such as the U.S.-China conflict, the Brexit process, Japan-South Korea trade dispute, and other business dynamics towards deglobalization are readily affecting and will continue to affect GSCs. MORE .
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