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View Diary: WalMart: Monopsony Destabilizes Economies as Much as Monopoly Does (76 comments)

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  •  Our service economy (6+ / 0-)

    I remember the talking heads telling us not to worry about all those factory jobs we shipped overseas because we had a "service and high tech economy".

      Well now we see the product of it: a small number of tech jobs and a whole bunch of low wage jobs.

    None are so hopelessly enslaved, as those who falsely believe they are free. The truth has been kept from the depth of their minds by masters who rule them with lies. -Johann von Goethe

    by gjohnsit on Tue Nov 26, 2013 at 01:22:53 PM PST

    •  Yes, I remember in my course in International (7+ / 0-)

      Economics, the free market purists continually touted a doctrine called 'Comparative Advantage' (which basically argues that tariffs and duties should be reduced to foster free trade so that each country can focus on what it does best).

      As you note, though, the social costs of adhering to such a theory never seem to get factored in, much as the social costs of pollution are never factored in when free marketers discuss the economics of industrial organization.

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