Summary
Two studies reveal that Walmart’s entry into communities lowers household incomes by 6% over 10 years and increases poverty by 8%, even when accounting for cost savings.
Its practices, such as undercutting competitors, suppressing wages, and squeezing suppliers, harm local economies by reducing employment and forcing smaller businesses to close.
Walmart’s “monopsony power” enables it to pay lower wages and dominate suppliers, compounding these effects.
The findings challenge the idea that low prices alone benefit communities, emphasizing long-term economic harm.
——
The book they were referring to was written over 30 years ago. Of course they don’t exist anymore at that price, but I think the overall point still stands, if all you can afford is the lowest quality boots, you’ll end up paying more in the long run than if you could afford to buy better quality boots that can be repaired.