Destroying local economies

Destroying local economies. The presence of international retailers in the local market hurts local businesses and thus the local economy. For example, many local artisans have lost their livelihood because their products have no buyers. Instead of buying their handmade products, people now prefer to buy factory made goods that look more attractive. If local people lose their livelihood, eventually the purchasing power of the local community will diminish. Driving down worker’s wages. The most damning charge is that the trend toward larger companies is driving a wedge between the few at the top who are paid spectacularly well and the majority at the bottom whose wages are stagnant. Depressing entrepreneurship. There are fewer startups now than there were decades ago, in part because the barriers to entry into these lucrative markets are so high that few entrepreneurs even try. Many of the new tech startups never get the chance to compete with the established companies, because as soon as they prove their technology, they are acquired. The big five tech firms — Alphabet, Amazon, Apple, Facebook and Microsoft — have acquired more than 500 companies in the past decade.