James Ledbetter, the editor of The Big Money, writes about a recent appearance on CNBC where he was part of a panel that discussed the effect of Wal-Mart on society with Dennis Kneale and a University of Michigan professor.
“Well, if unemployment is good, then slave labor is better, right? If Wal-Mart could lower its labor costs to zero, imagine how rock-bottom its prices could be. I asked Kneale: ‘If [a $35] DVD player is produced by slave labor in China, is that a good thing?’ His reply: ‘Yeah, it’s a real good thing, if I can buy it for $35.’
“It seemed hard to believe that someone would actually say this on television. I followed up today by e-mailing CNBC’s PR department, which sent me this response from Kneale: ‘Of course I would never endorse slavery. I was saying lower prices are always good and that no supplier cuts prices below what they can support.  I believe jobs in China that supply U.S. companies likely pay far better than many local jobs in the Chinese economy; and that globalization and free trade have lifted hundreds of millions of people out of poverty in the developing world. In fact, by 2012 almost a billion people across Southeast Asia will triple their per-capita income to join a new middle class. That is due to supplying companies like Walmart.’
“This at least approaches a coherent position, and might have made an enlightening discussion. But on camera, CNBC anchors wanted to attack me for mentioning slave labor at all.”
Read more here.
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