In the story of how the modern world was constructed, Toyota stands out as the mastermind of a monumental advance in industrial efficiency. Over the last half-century, this approach has captivated global business in industries far beyond autos. As the pandemic has hampered factory operations and sown chaos in global shipping, many economies around the world have been bedeviled by shortages of a vast range of goods — from electronics to lumber to clothing. In a time of extraordinary upheaval in the global economy, Just In Time is running late. “It’s sort of like supply chain run amok,” said Willy C. Shih, an international trade expert at Harvard Business School.

Source: New York Times June 01, 2021 09:01 UTC