Last week, in an attempt to explain away the supply chain woes that are increasingly leading to goods shortages in America, President Biden cited a popular neoliberal fable. He observed that to make a pencil, wood and graphite must be sourced from the other ends of the world before the finished product can end up in American hands. “It sounds silly, but that’s exactly how it happens,” Biden mused, “that’s just the nature of the modern economy.” But the result, he added, is that “when global disruptions hit… it can hit supply chains particularly hard”.
Categories