During the COVID-19 pandemic, it was not only the shortage of essential goods that shook the economy, but also how corporations took advantage of the situation. In his new book, How the World Ran out of Everything: Inside the Global Supply Chain, experienced New York Times journalist Peter Goodman explores how globalization, consolidation, and ultimately control by three companies resulted in a complex crisis.
Goodman and Lindsay Owens, executive director of The Groundwork Collaborative, joined senior podcast producer Arjun Singh to discuss how inflation became a result of corporations taking advantage of consumers’ desperation during this time. As prices rose due to high demand and supply shortages, this phenomenon became known as “greedflation.”
The book delves into the history of the global supply chain and how it has become increasingly concentrated in the hands of just a few companies. This consolidation has resulted in a complex system that is vulnerable to disruption and exploitation. The pandemic has highlighted this vulnerability and shown how corporations can use their power for their own gain at the expense of others.
In this episode of Lever Time, Goodman and Owens provide valuable insights into how we can address these issues and work towards a more equitable global supply chain. Click here for a full, unedited transcript of the episode.