Lessons Learned from TPM: Wealth Must Circulate Through the Global Economy

© Andriy Yalansky

Mothers are often portrayed as wise, know-it-alls, and I am no exception. I can’t afford to buy rich people.”

Who argues with my mother?

But my son is an arrogant and capricious creature, so please forgive me, Mom. You need to tell her that her 20th century views of hers are out of date for her. The world is changing. Thus, addressing the speaker at this week’s TPM event in Long Beach, CA.

After a series of economic shocks, a resurgence of protectionism has prompted a reassessment of supply chains by shippers, I heard from retired US General David Petraeus.

MSC CEO Soren Toft agreed, arguing shippers will diversify their supply chains with up to 10 production sites to ensure that a shock in one region does not paralyze total output. bottom. He doesn’t put all his eggs in one basket.

Putin’s war in Ukraine has left no one richer, there are no winners and already too many people and families have paid the ultimate price. said Petreius.

The war in Ukraine was preceded by another devastating global event, the pandemic. Containership operators have seen market forces reorganize in their favour, allowing carriers to make it in layman’s terms, on the back of about $300 billion last year alone.

Wealth, of course, is only a reflection of the management of resources such as land, minerals, and knowledge. That focus is very important as it is clear that not everyone can be super rich. Wealth will have to circulate in the global economy at some point because there are too few ultra-rich to sustain economic growth.

Labor negotiations on the US West Coast are therefore seen as a microcosm of global wealth insecurity. Gene Seroka, executive director of the Port of Los Angeles, alluded to the issue. He tells his TPM that while LA and Long Beach handle $400 billion worth of cargo each year, the wages paid to port workers are only $1.4 billion and his staff deserve more. said to imply that

But one of the key issues on the West Coast is automation.according to roadster The International Harbor and Warehouse Workers Union (ILWU) agreed to automation in exchange for more wages, but now regrets it and is looking to back down to keep jobs.

New technologies like port automation can benefit everyone. Be environmentally savvy and reduce your emissions. Provide a safer and healthier environment for dockers and communities.

If you ever question the need to bring your community together, take a look at our growing campaign in Long Beach. There, locals, concerned about possible increases in toxic ozone, saw his addition of LNG bunkering to the port development master plan as a threat to the environment. Added levels and very strong global warming methane emissions.

Of course, new technologies build on and share knowledge built from past generations. In that sense, we all own the wealth of the world. And the economy needs activity to sustain it. So concentrating wealth in the hands of a few will not sell more goods, eat more food, or pay more services. There are limits to what a single millionaire can do.

Dissatisfaction is on the rise worldwide. All of this was revealed in potted form at this year’s TPM and in response to the annual brat festival, also known as the World Economic Forum. Dissatisfaction and inequality will escalate unless the wealth of future growth seeps into the working population in Southeast Asia, Africa, and Latin America.

As Toft says, nearshoring may offer large companies a way to diversify risk. However, in reality, it can only happen in places where labor is cheap and desperate.

The lesson from TPM is that my mother was wrong. The rich cannot afford to keep the poor poor.