935

Why is everything in consumer / American life so fucking shitty now - and companies literally just say 'oh bc profit margins' and we're now expected to swallow that and sympathize? (lemmy.world)

submitted 1 year ago* (last edited 1 year ago) by _number8_@lemmy.world to c/asklemmy@lemmy.ml

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like I went to taco bell and they didn't even have napkins out. they had the other stuff just no napkins, I assume because some fucking ghoul noticed people liked taking them for their cars so now we just don't get napkins! so they can save $100 per quarter rather than provide the barest minimum quality of life features.

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[-] sbv@sh.itjust.works 11 points 1 year ago

There was a cultural shift in the 1970s:

From the end of World War II until the late 1970s, a retain-and-reinvest approach to resource allocation prevailed at major U.S. corporations. They retained earnings and reinvested them in increasing their capabilities, first and foremost in the employees who helped make firms more competitive.

See https://corpgov.law.harvard.edu/2019/08/22/so-long-to-shareholder-primacy/#:~:text=The%20shift%20to%20shareholder%20primacy,increase%20its%20profits.%E2%80%9D%20Subsequently%2C

[-] nitefox@sh.itjust.works 1 points 1 year ago

Why did that change?

[-] sbv@sh.itjust.works 1 points 1 year ago

I think it was a self-beneficial fad. All the rich shareholders think it's a great idea, as do many on boards (since the shareholders elect them), so it becomes dogma. All fads eventually lose their shine, as this one is.

But I'm neither an economist, nor a historian, so take my guess with a big grain of salt.

this post was submitted on 26 Nov 2023

935 points (94.1% liked)

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