What transformed a poor and desperate island nation into an industrial powerhouse competing on the world stage? In this episode of Johan Norberg’s New and Improved, Norberg shares the origins of Just In Time manufacturing and addresses myths and criticisms it faces today.
Just In Time is a production system that involves procuring supplies quickly and cheaply from across the world at a moment's notice in order to minimize storage and surplus costs. It came under criticism when global trade was disrupted and shelves were left empty.
In this video, Norberg argues that the incredible success of the Just In Time process stems from how it uses learning to adapt to unforeseen challenges. Rather than a death blow, the global pandemic served as a learning opportunity and now suppliers are roaring back to life.