The Marketplace And Efficency
Faith is belief in facts not in evidence. You do not have to have faith in the power of the marketplace. The marketplace is all powerful and those who ignore it do so at their own peril.
An example is the relationship between toys and China. Right now if I were looking to purchase a toy, I would not buy one that was made in China. The fact that they were so ignorant about the issue of lead paint on toys makes them suspect on every toy they have in the market place. Let me say that if I had children and knew that I had toys made in China in my house, I would get rid of them.
The toy issue is simply the latest in a series of problems goods that were made by the Chinese have had in the US marketplace. All of it widely disseminated by the 4th Estate, the press and the Internet. Of course if your not used to a free press then you wouldn’t care about shoddy goods, because no would ever know.
If you read the front page of the New York Times this Sunday you saw an article about how US manufacturers are seeking government regulations on imported goods. I grant that in some cases this is a ploy to cover someone’s butt, however in other cases it has different motives. First, US companies understand the power of the marketplace and the good reputation it controls. Second, US companies now see the same things US unions saw a decade ago; foreign companies setting up shop in the US and eating their lunch. Now, federal regulation of foreign manufacturers material, porduct and practices need to be regulated to the point that US companies can compete with the foreigners on a level playing field. Third, US companies know that if they continue to import goods into this market which do not meet customer standards, which will undoubtedly be harsher than anything the government can think up, the US market will drive them out of business here.
It is a simple equation information presented to the marketplace will make or break a business. Just look what a rumor will do in the stock market. So, that must some onus on us, “the blogisphere”, to be accurate in our work. I don’t remember the poor son-of-a-gun who after being vindicated from charges heavily issued by the blogisphere and the press asked, “Where do I go to get my good name back?” Unfortunately, that is where faith comes in.
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POSTED IN: Business Plan, Mindset
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