Posted by IndianaRed on July 07, 2010 at 19:00:58 from (76.214.150.114):
In Reply to: Re: new or old posted by jd b puller on July 07, 2010 at 16:22:57:
I don't understand the phrase, "Corporate Greed". I think it's used by people that have never been in business themselves.
Corporations can't just charge whatever they want, prices are market driven.
I would bet you think Wal-Mart is some "Big Greedy Corporation" and they are just in it for money and profits? That's supposed to be an anti-business slam, but upon simple examination it reflects gross stupidity or misunderstanding. Wal-Mart owns 8,300 stores, of which 4,000 are in 44 different countries. It's 2010 revenues are expected to top $500 billion. Putting Wal-Mart's revenues in perspective, they exceed the 2009 GDP of all but 18 of the world's 181 countries. Why is Wal-Mart so successful? Millions of people voluntarily enter their stores and part with their money in exchange for Wal-Mart's products and services. In order for that to happen, Wal-Mart and millions of other profit-motivated businesses must please people.
Compare our level of satisfaction with the services of those "in it just for the money and profits" to those in it to serve the public as opposed to earning profits. A major non-profit service provider is the public education establishment that delivers primary and secondary education at nearly a trillion-dollar annual cost. Public education is a major source of complaints about poor services that in many cases constitute nothing less than gross fraud.
If Wal-Mart, or any of the millions of producers who are in it for money and profits, were to deliver the same low-quality services, they would be out of business, but not public schools. Why? People who produce public education get their pay, pay raises and perks whether customers are satisfied or not. They are not motivated by profits and therefore under considerably less pressure to please customers. They use government to take customer money, in the form of taxes.
In the market, when a firm fails to please its customers and fails to earn a profit, it goes bankrupt, making those resources available to another that might do better. That's unless government steps in to bail it out. Bailouts send the message to continue doing a poor job of pleasing customers and husbanding resources. Government-owned nonprofit entities are immune to the ruthless market discipline of being forced to please customers. The same can be said of businesses that receive government subsidies.
The ruthlessness of the market discipline, which forces firms to please customers and thereby earn profits, goes a long way toward explaining hostility toward free market capitalism.
Why don't you open a business of your own, and see how greedy the market allows you to be.
I'm an IH guy. You saw what happened to them when they failed to please their customers. That was the market at work. John Deere makes the tractors they think their customers want, and apparently they are right, as they sell more than anyone else.
A Farmall H listed for right around $900 in 1939. Adjusted for inflation that would be over $14,000 today. No plastic on a Farmall H, but would you buy one today for $14,000? I doubt it. Even if it is going to last longer than any of the modern tractors.
Deere and Case are responding to market forces. They build the best product they can for what their customers can afford to pay. If you want a tractor that will last for 50 years I hate to think what you would have to pay for it.
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