Comment by threecheese
3 hours ago
Given this is obvious to mere mortals like us, how do economists defend the walmartization of every market? "It's working, don't fckit up", or "we're getting our bag, get yours"?
There isn't one adult who looks at this massive centralization and sees that it goes against the very principle of the thing?
I'm not an economist but it's pretty obvious to me that walmartization is downstream of Financialization which is not inherently free market (its a product of centralized banking and interest rate and bailout policies)
I don't see why Walmart wouldn't get this big even without centralized banking, bailouts, and hard money (say gold convertibility), thanks to economies of scale. In the late 1800s you had Standard Oil. That didn't need any of those things to arise.
Of course the things you mentioned further accelerate walmartization. But that's the chicken and the egg. The government does bailouts and prints cheap money because the corporations do exactly what I said: the winners (who arise naturally thanks to economies of scale) will put their resources into gaining these things.
Dozens of different religions have millions of followers. They're generally not compatible with each other. Many of the followers incredibly intelligent and accomplished in their fields.
I'm not saying this out of anti-religion, I believe religion can be a force for good and often is. But it shows that yes, this is possible. Also see things physicists, and especially physicians, believed for centuries.
> There isn't one adult who looks at this massive centralization and sees that it goes against the very principle of the thing?
There's a growing number who do. But the reason why they didn't get much attention for most of a century, and as such what made the fantasies of Hayek become mainstream, is of course tightly connected to the fact that it's the one that just "happens" to be the one most favorable to these mega corporations and their friends in financial and political institutions. It's clearly not a coincidence at all.
It's also just an incestuous cycle of professors teaching students who end up being professors who teach students. Takes something to break that.