When the covid pandemic hit in March 2020, stores ran out of toilet paper. Then it was infant formula, personal protective equipment, computer chips and everything else on which our modern lives depend.
What caused these worldwide shortages? In his new book, “How the World Ran Out of Everything,” New York Times global economics correspondent Peter Goodman explains how and why the global supply chain broke – and why it might happen again. In it, he says that inequality and corporate greed have left the world with a supply chain on the brink of collapse.
“Most of us understood that the businesses that dominated the supply chain were making the economy more unequal, enriching executives who frequently abused the rank and file, poisoning our democracies and sowing toxicity in our political discourse, to say nothing of the natural environment,” Goodman writes. “To the extent to which we thought about it, we generally recognized that our mode of consumerism was threatening humanity with extinction via climate change, while exploiting labor from South Asia to Latin America.”
Peter Goodman has reported from more than 40 countries over the past three decades. He came to the Times from the Washington Post, where he was the Shanghai bureau chief. His work as part of the Times’ series on the roots of the 2008 financial crisis was a finalist for the Pulitzer Prize. His other books include, “Davos Man: How the Billionaires Devoured the World.”
Peter Goodman said that when people conclude “that the powers that be don’t value them, don’t prioritize their needs and the needs of their families, and at the same time you have trade animosities and then migration …that is a very toxic prescription. That creates opportunities for parties that tend to demonize outsiders, immigrants, or in our case, Chinese workers supposedly stealing our jobs. And that doesn’t go well.”
“Much of the West is engaged in a kind of process of looking for scapegoats, as opposed to looking at how we have allowed billionaire interests to dominate our politics and deliver scarcity,” Goodman said. “I think that’s a very concerning combination.”
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