I feel like there was a lesson about just-in-time inventory for critical supply chains recently. Perhaps a product as complex, sophisticated and absolutely necessary for a modern society should have government guarantees.
What will the lesson be though? Once the dust settles, it may well be that the savings over the last few decades outweighs the losses due to the supply shortages. I guess it comes down to how good the risk analysis was and if they acknowledge that once-in-a-lifetime events happen many times in a lifetime.
Honestly, the risks of just-in-time have always been know. The problem is that holding excess inventory and/or reserve capacity costs real money, and somebody has to pay for it. Investors/managers drive out wasted costs or eventually they go out of business. (Absent government support.)
A futures market would give some income stream to anyone who held significant inventories. Wonder how soon we have something like a futures market for semiconductors