Archive for category Economics
Jordon Cooper links to your typical defence of mercantilism in the business section and concludes with despair:
I read this and I can’t help but think that the United States is going through a massive societal reordering because of horrible economic decisions made because of globalization…
I am not sure if the payroll tax increase is that big of deal but you get the point that stagnate wages are hurting America’s middle class who are leaving behind middle class stores in favour of deals online and in retailers like Wal-Mart which in turn hurts them even more as more and more of their products are made elsewhere. It’s a vicious cycle that could take decades to run its course.
Cooper works to help the poorest of the poor in this city, and he’s a great resource in highlighting the struggles found on the streets.
Unfortunately, it comes as no surprise, however, that he sees these great economic changes as being a problem rather than a net benefit to society, particularly to the poor.
Yes, the traditional business model is changing, and those who are not able to adjust effectively will lose business. But the consumer is the beneficiary, particularly the poor. With the changing business model comes lower costs, better quality, increased choice, more convenience or some combination of these.
There have been some horrible economic decisions made, but globalization isn’t one of them. It is the increased level of trade from around the world which has insulated our economy from being even more disastrously damaged by narrow, myopic government decision-making than we would have endured otherwise.
The alternative to this is economic stagnation. Does he truly believe that change is inevitably for the worse?
The cliche is worn, but Cooper might as well lament the demise of buggy-whip manufacturers.