Wal-Martization

If Wal-Mart were a distinct economy, it would be ranked 30th in the world, right behind Saudi Arabia. Given its success, the progress and plans of Wal-Mart should be monitored by all prudent and engaged students of capitalism. Bruce Upbin helps with this report from Forbes magazine. Here's an excerpt:

The Wal-Martization of the world is changing commerce around the planet, for good and ill. By importing so many goods from low-wage countries like China, it eliminates manufacturing jobs and depresses wage growth in the U.S.--and has the same effect in any country where it achieves significant density. But by selling goods for less, Wal-Mart raises living standards. It will create 800,000 jobs worldwide over the next several years, not to mention the labor needed to build the stores, parking lots and distribution centers. Yin and yang.

It's a good overview.