Book Review: ‘How the World Ran Out of Everything’ by Peter S. Goodman

Book Title: How the World Ran Out of Everything: Inside the Global Supply Chain
Author: Peter S. Goodman
Publisher: Mariner Books
Number of Pages: 416
ISBN: 978-0063423930
Date Published: Jun. 11, 2024
Price: INR 399

Book Review

“How the World Ran Out of Everything: Inside the Global Supply Chain,” by Peter S. Goodman offers a profound examination of the global supply chain’s fragility, vividly exposed by the Covid-19 pandemic. Goodman, a global economics correspondent for the New York Times, meticulously documents the deep-rooted issues that have long plagued the system. He explores the intricate webs of technology, finance, production, and transport that underpin the global economy, highlighting how these elements have historically been manipulated to serve economic interests over stability and resilience.

Later in the book, the author delves into the Internet’s disruptive impact on trade organizations, coinciding with China’s rapid economic growth. He criticizes both Chinese authorities for exploiting World Trade Organization rules and American businesses for relocating to China in search of lower costs and higher profits. Goodman also examines the just-in-time inventory systems promoted by ruthless consultants, which prioritized continuous flow over stockpiling. This method, while efficient under normal conditions, proved disastrously inadequate during the pandemic, leading to severe shortages and logistical challenges. The book, with its eye-catching yellow cover, reveals a wealth of astonishing details.

Peter S. Goodman humanizes the supply chain via honest storytelling and personal tales. He takes readers on a journey from Asian factories to an almond grower in Northern California, from striking railroad workers in Texas to a truck driver driving across the Great Plains. These real-world examples highlight the intricacies and vulnerabilities of the global supply chain, demonstrating how disruptions may cascade across the system, affecting anything from breakfast cereal to medical gadgets. The book’s contents are divided into three parts.

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Author Goodman finally concludes with a powerful call for a thorough rethinking of policy, advocating for a return to the mode of governance that prevailed in the United States from the end of World War II through the late 1970s. He argues that this shift, while unlikely, is crucial for building a more resilient and reliable supply chain. “How the World Ran Out of Everything” is a must-read for policymakers, economists, and anyone interested in understanding the intricacies of our global economy and the urgent need for reform.

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