What is a Free Market?
From the Financial Post…
https://financialpost.com/news/retail-marketing/michael-medline-fierce-defence-profitable-grocers
Is it a FREE MARKET if grocers conspire to inflate profits?
The Financial Post actually did a good job of investigating the bread pricing fixing scheme of a few years ago:
It was a price fixing scheme by grocers…technically, bakers but…
About five years ago, Loblaws revealed the 2 largest bread making companies, one of which was owned by George Weston who also owns Loblaws, conspired to inflate bread prices. Loblaws then did a really good PR campaign by apologizing to regular customers with a gift card, basically for patron retention:
The thing is the price inflation scheme was to support profits, nothing at all to do with labour. And that gives rise to questioning the validity of current inflation propaganda. Prices are rising because profits are being increased, not because there is an actual fluctuation in supply and demand.
Inflation happens when there is a real shortage of items in demand; not enough products or workers means prices are increased to attract either, and thereby satisfy demand. Inflation is not real when profits are increased because prices are inflated; so, items may be in short supply because of a supply chain crisis, but the long term price fluctuation has not changed.
Right now, Canada is in a labour shortage during an ‘apparent’ population explosion:
So, there aren’t enough people to fill the jobs available EXCEPT wages aren’t rising because there are too many people around for the jobs available. (Immigration further complicates things because of education and experience qualifications not being recognized—so, potential employees not hired)..
BUT, prices are increasing. To basically enable profits…
I guess defensible…but, actually, reprehensible. How greed affects the free market: a profiteering scheme.