FrEe MarKeTs ArE eFfIciEnT
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The company has certainly suffered in the way that many other brick-and-mortar outlets
have in the face of the challenge from discounters such as Walmart and from online
retailers like Amazon. But the consensus among the business press and dozens of very
bitter former executives is that the overriding cause of Sears’s malaise is the disastrous
decision by the company’s chairman and CEO, Edward Lampert, to disaggregate the
company’s different divisions into competing units: to create an internal market.
From a capitalist perspective, the move appears to make sense. As business leaders never
tire of telling us, the free market is the fount of all wealth in modern society. Competition
between private companies is the primary driver of innovation, productivity and growth.
Greed is good, per Gordon Gekko’s oft-quoted imperative from Wall Street. So one can be
excused for wondering why it is, if the market is indeed as powerfully efficient and
productive as they say, that all companies did not long ago adopt the market as an
@yogthos This is a wild read. I'm glad you posted; more people should know about why Sears imploded!
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