In recent years, we’ve witnessed a significant increase in the price of goods. A handful of large companies dominate markets, which gives them immense control over prices. With limited competition, these corporations have the ability to manipulate the balance between supply and demand to maximize their profits.
When corporations prioritize their own financial gains over consumer well-being, it leads to exploitative practices. This can include charging excessively high prices (known as price gouging), expanding so fast, it is unsustainable for the long term health of the company, engaging in monopolistic behavior, and employing pricing strategies that don’t prioritize affordability for ordinary people.
Corporate entities are driven by the pursuit of profit, and this focus comes at the expense of workers and consumers. Cost-cutting measures, such as reducing employee benefits and wages, outsourcing jobs, and compromising on product quality, can help corporations reduce their expenses and increase their profits. Unfortunately, these measures often create a product that is worse in quality and often more expensive.
It is important to acknowledge the influence that powerful corporations exert over the legislative process. Through lobbying and campaign contributions, they can shape policies to favor their own interests. This can hinder the implementation of regulations that protect consumers and promote fair pricing. As a result, consumers are left without the necessary safeguards, and prices continue to rise. Why should we care about how well the economy or stock market is doing when we struggle to afford groceries?
So what can be done? If corporations have the power to price us out of living comfortably as well as convincing politicians that this is their right through political donations, is there any way forward? One possible solution includes an intensive public vetting process for anyone who claims to be fighting for the people. We can’t just take them at face value. It is becoming more and more common for political affiliation and positions not to matter as soon as some politicians gain office, so there must be safeguards against this sort of dishonesty.