Walmart - the biggest American retailer has a huge impact on the American economy as well as the global economy. Walmart's strategy of providing products at immensely low prices has both positive and negative implications on the society. Walmart permits thousands of Americans to enjoy a lifestyle and afford products that otherwise would have been impossible, but the question is how good is the quality of the products? The company also creates jobs but the question is how well paid are they? At whose expense is Walmart manufacturing such cheap products? On weighing the pros and cons of this giant retailer, it appears that the contra arguments outweigh the benefits of Walmart. The company is able to offer low priced products at the expense of putting people out of work and lowering living standards. I totally agree with Larry Mishel of the liberal Economic Policy Institute who says: “Well, if people were only consumers buying things, lower prices would be just good. But people also are workers who need to earn a decent standard of living. And the dynamics that create lower prices at Wal-Mart and other places are also undercutting the ability of many, many workers to earn decent wages and benefits and have a stable life.” Even though Walmart stores create jobs, they are underpaid it terms of hourly wages and benefits. Moreover, Walmart has taken over the world manufacturing industry and has put so many small specialized businesses out of businesses.
Walmart needs to understand their practices are probably not the best and fair in the end. However, sadly like every other business, all Walmart cares about is profit!
No comments:
Post a Comment