Sovereignty’s Trap Beijing, Brussels, Washington, and other capitals are using the pandemic to rationalize a rush toward national self-sufficiency, but it will not be without a price. The ultimate poster child for having very short supply chains is Argentina. Peronists have spent decades perfecting import substitution schemes with the result being very little external competition, and thus relatively unsophisticated manufacturing. Argentina is now uncompetitive in about everything except agriculture, and now this main source of foreign exchange is threatened this year by drought. The rush to reshoring could slow global productivity gains and thus real economic growth for years to come.  Sustainability’s Trap U.S. Represe...