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[Economic]
Globalization Has Hollowed Out Rural America
by Charles Hugh Smith
Posted November 17, 2018

support your local businessesProponents of globalization claim the few hundred dollars in annual household savings generated by shipping in commoditized goods are so beneficial nothing else matters. But if the cost of these paltry, essentially meaningless savings is the destruction of the local economy except for a handful of global corporate outposts and jumble shops, was this trade-off a good deal for rural communities?

I have often discussed the tyranny of price: making the sticker price the sole arbiter of value distorts the concept of value to the point of meaninglessness. Proponents of globalization overlook the intrinsic value of local control and local capital.

Once control of the local economy has been ceded to global corporations, the community has lost control of its destiny: the global corporation has only one goal and reason to exist: to increase capital and maximize profits by any means available. More…