Quote:
Originally Posted by BigV
What do you think it is a reaction to?
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Instead of digging myself into a hole, I tried to do some quick research on Bain Capital along with positive and negative commentary.
I concede that my "reactionary" comment would only apply to a small amount of businesses that Bain worked with, notably manufacturing businesses. My point with those are recognizing the outsourcing and automation that has happened, and will continue to happen to the US manufacturing sector. Basically, foreign labor and machines are much cheaper than US labor, therefore manufacturing jobs will outsource or automate. Regardless of anyone's view on capitalism, which I will get to later, this will happen and there is nothing we can do stop it. That explains my reactionary comment.
Overall, what I have gotten out of this, is that the agreements and disagreements with Bain Capital depend on how we view "modern capitalism".
Do we value overall wealth over anything else (I see this as trickle-down theory)? In that case, Bain Capital was successful since they, overall, increased capital and jobs for the companies they took over.
Or, do we not value overall wealth over anything else (union jobs, benefits, etc.)? In that case, Bain Capital was very harmful to local communities and businesses.
I disagree with Bain because I see this new modern capitalism as a system that promotes wealth inequality and justifies it by claiming that everyone is better off when overall wealth is higher. On the other hand, the tactics used by Bain have become mainstream, therefore, they were simply just ahead of the curve.