The Box That Makes the World Go Round

When the ocean-freight industry was born, no one predicted how rapidly it would grow as a result of globalization. In particular, the division of labor that is a function of globalization has dramatically affected the industry. China especially serves as the world’s manufacturing center, with the EU and the US being the principle consumers. Between them lies the vast expanse of the high seas, the watery playing field of globalization. Over 3,500 cargo ships are currently sailing the world’s oceans, carrying 15 million containers along transcontinental routes. The container market is growing at a remarkable rate – nearly three times as fast as the world economy. Globalization has created a huge flow of cargo that must be cared for and transported somehow. The containers holding this cargo as it is borne over the waves are relatively new inventions and in turn, indispensable supports for globalization. If the fundamentally simple, standardized containers never existed, China’s economic growth would probably have never transpired and US patterns of spending and consumption would simply not have been viable. But how long can this boom last? Warnings about overcapacities are increasingly growing louder. Despite these concerns, however, the container industry is "still riding on the crest of a wave." – YaleGlobal