Indentured Servitude: Wal-Mart's Relationship With China Essay

Indentured Servitude: Wal-Mart's Relationship With China Essay

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The four main economic activities are: Industry, agriculture, science, and defense. Industry is the manufacturing of goods, such as in a factory. Agriculture is the growing of food, such as rice farms. Science is making technological advancements, such as discovering new vaccines. Defense (in this sense) is the military, pouring money and manpower into strengthening the military instead of using that capital for other things. China's economy is based on manufacturing, because China has such a large poor population and a structured economy.
Geographical division of labor is the concept that labor can be divided according to geographical concepts. For example: land locked countries generally don't export goods overseas as well as countries with a large coastline; countries without large bodies of water can't export fish; countries that have small populations and large oil deposits are likely to make oil their main export; countries with large coastlines, low value on human rights, an overcrowded population, and a poor population are likely to engage in low cost mass manufacturing.
Newly industrialized countries are countries that have left third world country classification but have yet to reach first world country status. China is an example of a newly industrialized country, it's still heavily dependent on manufacturing (which makes it dependent on other countries), it has poor human rights records, and is overcrowded and poor, but it has been seeing growth towards the goal of becoming a first world country. China's industry is significantly based on: counterfeit goods, automobiles, and other manufacturing.
The article alleges that the 5 principles Wal-Mart was founded on are: conservatism, idealized views of family and commu...

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...itution is the notion of replacing imports from other countries with home-grown goods. China has placed a large emphasis on import substitution, taking advantage of their large mass manufacturing capability and minimizing their lack of financial capital. Wal-Marts interests are counter to the idea of import substitution because they import so much product to the US, while exporting only jobs to produce the imports. Fair trade tries to bring equality to imports and exports, because while one country emphasizing import substitution has benefits, it means the country they were exporting from loses that expected income.
Fair trades underlying principle is that companies should serve interests beyond their own profits. Wal-Mart has disregarded that principle, and their extensive trade with China is a perfect example of their slavish devotion toward just unjust profits.

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