A Patron of Economic Update asks: "I am informed that during the era of COVID 19, a small oligopoly of shipping companies have used their market power to increase the cost of shipping by a large factor, of over 10:1. This is starting to cause crises and shortages in other parts of the world economy. My question comes in 3 parts: 1)Is this a real effect (or have I been misinformed) 2) What are the main effects of this crisis in shipping and 3) How is it likely to end?"
This is Professor Richard Wolff's video response.
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