Here's the key point:
Today’s corporate “incumbents” aren’t companies that have been sheltered behind tariff walls—they’re companies that thrived under globalization, often by offshoring production, hollowing out domestic capacity, and chasing the cheap labor. These are not inefficient firms in the traditional sense. They’re highly efficient at optimizing global supply chains, but dangerously overexposed to a world order that’s now unraveling.
Here's the key point:
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Today’s corporate “incumbents” aren’t companies that have been sheltered behind tariff walls—they’re companies that thrived under globalization, often by offshoring production, hollowing out domestic capacity, and chasing the cheap labor. These are not inefficient firms in the traditional sense. They’re highly efficient at optimizing global supply chains, but dangerously overexposed to a world order that’s now unraveling.