How do markets work in favour of the rich and powerful? What are the ways to reduce such influence?
Solution:
The market work move more in favour of the rich and the powerful because these are the people who have factories ,large shops in the markets,large land holdings etc.They get their work done with the cheap labour enhancing their profits in huge number.They dependence of poor on the rich for marketing their goods also gave them much profits.
The market work move more in favour of the rich and the powerful because these are the people who have factories ,large shops in the markets,large land holdings etc.They get their work done with the cheap labour enhancing their profits in huge number.They dependence of poor on the rich for marketing their goods also gave them much profits.
To reduce the influence of the rich and powerful in markets, there are several approaches that can be taken:
- Increase competition: Encouraging competition in markets can help prevent concentration of power and give consumers more choices.
- Regulate effectively: Governments can implement regulations that protect the interests of consumers and smaller players in the market.
- Promote transparency: Transparency in markets can help prevent insider trading, price-fixing, and other forms of corruption.