American companies pioneered container shipping, but now the ocean freight business is dominated by foreign firms. Thanks to the Jones Act, a 1920 law, all cargo between American ports must be carried on American-made ships, so we do still have a fleet. But the ships are old and outdated. In episode five, we explore the tragic consequences of this "America-first" trade policy, beginning with the El Faro, which sank in October 2015.
For those who want to learn about poorly done America First policies, this seems to be a great example. Studying what the Jones Act has done to the US shipping business is an excellent case study. There is obviously a gaping hole in the market forces at work here and the Jones Act only seems to be making things worse.
I find it an odd thing to say about a podcast concerning containerized shipping, but this episode is just heart-breaking on so many levels.