I want to compliment you on your May 13 Viewpoint, “Ups outweigh downs of the world market.” Yes, there are many businesses that are adversely affected by the rapid economic changes seen today, but that´s part of life.
David Whatley´s complaints [“Buying American keeps work in U.S.,” May 6, Page 6] weren´t hard to understand until he pulled out the populist/socialist rant about "Greed! Large, multinational corporations want to make more money ... at the expense of the average working-class American."
As a businessman, he should understand that companies that don´t give customers what they want go out of business. It´s not so much greed as simple survival that compels firms to source products where they find the best value. Example: Kmart, now in Chapter 11 — a "large, multinational corporation" that didn´t serve its customers as well as Wal-Mart. The fact is, most people simply don´t care where a product is made as long as it represents good value: the best quality for the lowest price.
Let´s also put to rest the idea that the United States is losing its manufacturing base. Manufacturing represented 40 percent of the gross domestic product in 2001, the highest in more than 50 years. Yes, employment in manufacturing has gone down, but the value of the goods "made in USA" have gone up. This is the natural consequence of Adam Smith´s "invisible hand" of economic forces that distribute economic activities between regions so as to provide the greatest overall economic benefit.
Joseph Schumpeter called capitalism a force of "creative destruction" — new businesses and companies destroy old ones. One might as well rail against the tides of the ocean. The better way is for management and business owners to adapt to change.
Roger F. Jones
Franklin International LLC