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454: Covid Supply Chain Issues Should Not Have Been a Surprise
Podcast: Download
The COVID-19 pandemic did more than just highlight the vulnerabilities in the global supply chain—it exposed systemic issues that had been brewing for years.
As the world grappled with unprecedented shortages in everything from medical supplies to consum er goods, it became clear that these vulnerabilities were not merely accidental; they were the byproduct of a supply chain increasingly dominated by monopoly power and engineered for efficiency rather than resilience.
For decades, large corporations have concentrated power within the supply chain, pushing the limits of just-in-time manufacturing and lean inventories. These practices, while profitable in stable times, left the global economy teetering on the edge of collapse when the pandemic struck.
The overreliance on a few key players in critical sectors created a precarious situation where any disruption—whether due to natural disaster, geopolitical tensions, or a global health crisis—could send shockwaves through the entire system.
Small businesses, the backbone of local economies, were hit the hardest. Unlike big corporations with vast resources and the ability to weather the storm, these smaller enterprises faced insurmountable challenges. They struggled to compete for scarce supplies, and many were forced to close their doors permanently. The lack of competition in the supply chain only exacerbated these issues, driving up prices and limiting consumer choice.
Yet, while small businesses suffered, big corporations found ways to profit from the chaos. The shortages allowed them to increase prices and consolidate their market positions further. The very vulnerabilities that crippled smaller players became opportunities for the giants to tighten their grip on the market.
My guest on Wealth Formula Podcast this week describes this fascinating confluence of events leading to what we experienced during the pandememic and warns that big business greed has not allowed us to protect ourselves against these vulnerabilities in the future.
06:00 Was the Breaking of the Supply Chain During COVID Intentional?
08:42 Have Things Changed Since?
13:43 Small Companies Are Hurting
18:57 Who Can Change This?
24:08 Implications of the Presidential Election
