Getting rich used to be tough. For most of the past two centuries, few countries managed it. But those gaps have begun to close, thanks to industrialization. For many countries, timely shipments of components are indispensable. An analysis by UT economics professor Georg Schaur and David Hummels of Purdue University estimates that a day in transit is equivalent to a tariff of between 0.6 percent and 2.3 percent, with the largest effects for parts and components trade. Read the article at The Economist.
