[Walmart]s largest innovation consists in getting rid of the central Fordist principle of paying the workers enough so that they can afford to buy what they manufacture. Instead, WalMart has pioneered the inverse principle: paying the workers so little that they cannot afford to shop anywhere other than at WalMart. It might even be said, not too hyperbolically, that WalMart has singlehandedly preserved the American economy from total collapse, in that their lowered prices are the only thing that has allowed millions of the “working poor” to retain the status of consumers at all, rather than falling into the “black hole” of total immiseration. WalMart is part and parcel of how the “new economy” has largely been founded upon transferring wealth from the less wealthy to the already-extremely-rich.
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We have always known that heedless self interest was bad morals, we now know that it is bad economics.
Franklin D. RooseveltInternational business, once allowed to stalk uncontrolled, killed the local, the small, the quirky.
Alexander McCall SmithTag: economics quality business
It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.
Murray N. RothbardTag: economics
We have not noticed how fast the rest has risen. Most of the industrialized world--and a good part of the nonindustrialized world as well--has better cell phone service than the United States. Broadband is faster and cheaper across the industrial world, from Canada to France to Japan, and the United States now stands sixteenth in the world in broadband penetration per capita. Americans are constantly told by their politicians that the only thing we have to learn from other countries' health care systems is to be thankful for ours. Most Americans ignore the fact that a third of the country's public schools are totally dysfunctional (because their children go to the other two-thirds). The American litigation system is now routinely referred to as a huge cost to doing business, but no one dares propose any reform of it. Our mortgage deduction for housing costs a staggering $80 billion a year, and we are told it is crucial to support home ownership, except that Margaret Thatcher eliminated it in Britain, and yet that country has the same rate of home ownership as the United States. We rarely look around and notice other options and alternatives, convinced that "we're number one.
Fareed ZakariaTag: nationalism economics technology business globalization
I do not intend to defend capitalism or capitalists. They, like everything human, have their defects. I only say their possibilities of usefulness are not ended.
Capitalism has borne the monstrous burden of the war and today still has the strength to shoulder the burdens of peace. ...
It is not simply and solely an accumulation of wealth, it is an elaboration, a selection, a co-ordination of values which is the work of centuries. ...
Many think, and I myself am one of them, that capitalism is scarcely at the beginning of its story.
Tag: politics peace capitalism economics fascism mussolini
State ownership! It leads only to absurd and monstrous conclusions; state ownership means state monopoly, concentrated in the hands of one party and its adherents, and that state brings only ruin and bankruptcy to all.
Benito MussoliniTag: politics economics fascism communism socialism monopoly
The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money.
Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles.
But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that'd still be keeping his feet dry in ten years' time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet.
This was the Captain Samuel Vimes 'Boots' theory of socioeconomic unfairness.
He who controls the spice controls the universe.
Frank HerbertTag: economics science-fiction spice commodity supply-chain
Reconciliation means that those who have been on the underside of history must see that there is a qualitative difference between repression and freedom. And for them, freedom translates into having a supply of clean water, having electricity on tap; being able to live in a decent home and have a good job; to be able to send your children to school and to have accessible health care. I mean, what's the point of having made this transition if the quality of life of these people is not enhanced and improved? If not, the vote is useless.'
-archbishop Desmond Tutu, chair of South Africa's Truth and Reconciliation Committee, 2001
Tag: politics freedom economics reform
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