Some companies shouldn't be doing business. They should fold and close. Like the buggy whip companies. Or the old mill.
But the old mill is quite often the anchor of a community. If it goes, so does the town. Old ghost towns are quite common.
American car companies are still located in the rust belt from Pittsburgh steel through Detroit all the way to Milwaukee. If the Detroit 3 go bankrupt, it will kill a lot of jobs. Goodyear in Ohio might still survive. Dofasco in Pittsburgh might still survive. Probably even Harley-Davidson in Milwaukee. But butterfly effects ripple out through time and space and can be felt/seen in far away Wall Street and Washington DC and even further. Such closures not only effect the entire country, but the world economy!
Profits and losses of huge corporations are in the billions. On that scale, any faults in their cannot be traced back directly to wages, even when auto workers command high wages through union demands. But fact is rather obvious that there would be higher profits and fewer losses if wages were much lower.
Maybe, in 2008 GM and Dodge should have been allowed to close business as economic natural laws intended. It would have been better for Ford to remain the only and last of Detroit's glory.
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But the old mill is quite often the anchor of a community. If it goes, so does the town. Old ghost towns are quite common.
American car companies are still located in the rust belt from Pittsburgh steel through Detroit all the way to Milwaukee. If the Detroit 3 go bankrupt, it will kill a lot of jobs. Goodyear in Ohio might still survive. Dofasco in Pittsburgh might still survive. Probably even Harley-Davidson in Milwaukee. But butterfly effects ripple out through time and space and can be felt/seen in far away Wall Street and Washington DC and even further. Such closures not only effect the entire country, but the world economy!
Profits and losses of huge corporations are in the billions. On that scale, any faults in their cannot be traced back directly to wages, even when auto workers command high wages through union demands. But fact is rather obvious that there would be higher profits and fewer losses if wages were much lower.
Maybe, in 2008 GM and Dodge should have been allowed to close business as economic natural laws intended. It would have been better for Ford to remain the only and last of Detroit's glory.