Bangladesh, Oct. 10 -- For decades, international commerce was guided largely by the logic of economic efficiency.

Countries sought cheaper production, larger markets, foreign investment and technology transfer, while firms built global supply chains around cost, specialization and access to consumers.

That logic has not disappeared, but it is increasingly constrained by a second principle: economic security.

Governments now increasingly view trade, investment, technology and supply chains not only as instruments of prosperity but also as potential sources of strategic vulnerability.

The result is a transformation of global commerce in which national-security considerations increasingly shape where capital flows, which technologies ca...