This is such a big story and yet most of HN just doesn't care. It should make the WSJ though.
We're intentionally ruining our economies and praising the people doing it. If the "Western" world gets economically steamrolled by Asia in the next couple of decades, we've got nobody to blame for it but ourselves.
It's exactly news. It spots the issue, dives into it, exposes the source of it, and details the structure of how it came into existence. That's what news is. That you're not surprised by it is not material.
> we've got nobody to blame for it but ourselves.
Ironically you are the one who characterized this article as "not news."
There is a line where you really do need to compromise on quality and even reputation to keep costs down, though. If you can't or refuse to do that, you end up stagnant and irrelevant like Japan.
Customers ultimately don't care how much sincerity and effort was infused into a product as long as it's past a certain "good enough" threshold.
I'm not calling for t-shirts that are guaranteed to last 20 years, but it would be nice if clothing didn't fall apart after a wash or two just because they saved 5% on material cost.
This is not universally true. For one thing, it has changed over time as expectations shift. Presumably our expectations have been forced downward by the diminishing quality and increasing costs of consumer goods. There is also cultural variation, with Japan as an example.
Implicit in that statement is that only the "Western world" has that "short erm shareholder value" ethos. I'd say that is quite debatable.
My fear is that it is only going to get worse (both in the west and in Asia).
That's wrong. This is very much a Google monopoly issue.
Google has zero incentive to improve search for users since there is no competition. Google has every incentive to maximize the amount of money that search makes them.
Simply busting up companies with monopolies would fix 80%+ of the problems.
Not sure I buy this. People will overwhemingly choose 'cheap' over all other qualities. Anyone providing the sort of competition to Google will have to 1) do it for free, 2) be better enough to displace users, and 3) stay in business long enough to matter. Even if you broke Google up, who would be in a position to compete with their search platform?
You break Google Search out of Google and break Google Search up into two (or more) companies. Now, they have an incentive to compete against one another.
Before Google became a monopoly, SEO optimizations were somewhat restrained because something which was super-optimized for Google would generally hurt your search on Yahoo and vice versa. If the results got too shitty, people would start to switch.
The fact that switching doesn't happen anymore is prima facie evidence that Google is a monopoly.
Being a more expensive premium product can even be more lucrative than being the cheaper majority product. Look at Apple, the only company to even try making a high quality laptop i the last 10-15 years. I'd say the same about smart phones, but the latest Samsung phones are actually high quality.
We're dealing globally and in every industry with almost all shareholders being either retirement funds, elderly individuals, or other organizations controlled by elderly individuals. And the current generation of elderlies want to benefit as much as they possible can from any wealth being created. They haven't much time left to live and they prefer to not leave much of value behind.
Blaming shareholders has no relevance unless you look at what has changed about the shareholders. It's a new generation of elderly who never grew up and never learned to think long term.
Citation needed