In this episode of Lever Time, we explore the dual role that corporations played in both building and dismantling the supply chain while also taking advantage of the COVID-19 pandemic to engage in price gouging. The pandemic exposed shortages in supplies such as toilet paper, hand sanitizer, microchips, exercise bikes, and more, leading to economic instability. Peter Goodman, a veteran New York Times reporter covering the global economy, sheds light on this complex history in his new book “How the World Ran out of Everything: Inside the Global Supply Chain.”
Goodman highlights how the supply chain initially went global but eventually became consolidated and ultimately controlled by just three companies. This consolidation led to a crisis that impacted regions across the world. As inflation began to affect the economy, corporations saw an opportunity to capitalize on consumer desperation by raising prices. This behavior resulted in what has been coined as “greedflation.” During this episode of Lever Time, Goodman sits down with Lindsay Owens, the executive director of The Groundwork Collaborative, to unpack the repercussions of this behavior.
For an unedited transcript of the episode click here.