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> This kind of counterfeit capitalism is terrible for society as a whole. Well, so says the author, but he doesn’t make a very compelling case. He hammers WeW
by commandlinefan 7y ago
> This kind of counterfeit capitalism is terrible for society as a whole.
Well, so says the author, but he doesn’t make a very compelling case. He hammers WeWork, but WeWork is failing spectacularly and miserably, as Adam Smith’s invisible hand suggest it must. A lot of people have a problem with Walmart and Amazon, but I have yet to see any evidence that either of them has harmed society _as a whole_. He suggests they have the potential to, but rather than throwing out the baby with the bathwater and preventing the world from getting Amazon and Walmart, we can deal with any actual abuses (like illegal labor practices) if they occur - just like we would if they were being done by “Jim’s corner store”.
- ameister14 7y agoThe author seemed to be more pointing out opportunity costs and the inability to build a long-term employment structure as consequences. Lower workforce participation, 'underemployed' workers, the rise of the gig economy (essentially just independent contractors with no insurance) and a concentration of wealth without community investment are others. Some of that is countered by going for illegal labor practices specifically, but mostly it's countered by restructuring the incentives companies work with and constraining their freedom to act generally.