For decades, the international economy was structured around a dominant principle of maximizing efficiency through global integration, where production, financing, and trade were organized in transnational chains leveraging low costs and regulatory predictability. This arrangement, led by the US post-World War II, coupled trade liberalization with deep financial markets and multilateral institutions to mitigate uncertainties, making globalization not just an economic result but a pillar of international order.

However, this system began to change even before the COVID-19 pandemic, gaining momentum due to the pandemic's impacts, the Ukraine War, and rising international conflicts. Successive shocks have unveiled logistical, technological, and energy vulnerabilities, prompting a reconsideration of global interdependence—from a source of stability to one fraught with risks. This shift signifies that global value chains are now under scrutiny, necessitating a reassessment of what constitutes efficient and secure economic relationships in the new geoeconomic landscape.

The focus has now turned to critical minerals and chips as essential components for future economic power, highlighting the importance of reliability over mere cost-efficiency. This evolving geoeconomics suggests a departure from the prior model towards a landscape where national security and strategic autonomy may increasingly dictate economic policies, reflecting broader implications for international relations and global trade.