The COVID‐19 pandemic and agriculture: Short‐ and long‐run implications for international trade relations
- Canadian Journal of Agricultural Economics
- The COVID‐19 pandemic has put unprecedented strain on food supply chains. Given the ever‐increasing degree of globalization, those supply chains very often stretch across international borders. In the short run, countries have largely been working to keep those supply chains intact and operating efficiently so that panic buying is cooled and shifts in consumption habits arising from personal isolation can be accommodated. Once the crisis has passed, based on what has been learned regarding the international food system's resilience, governments may wish to strengthen institutions that govern international trade. On the other hand, based on their COVID‐19 experience, governments may feel that they are too dependent on foreign sources of supply and may wish to reverse the impacts of globalization on their food systems. As a result, they may become increasingly isolationist, eschewing international cooperation. Which of these opposing forces will prevail may depend on the paths economies follow after the disequilibrium precipitated by the pandemic.