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Why is everything in consumer / American life so fucking shitty now - and companies literally just say 'oh bc profit margins' and we're now expected to swallow that and sympathize? (self.asklemmy)

submitted 1 year ago* (last edited 1 year ago) by _number8_ to c/[email protected]

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like I went to taco bell and they didn't even have napkins out. they had the other stuff just no napkins, I assume because some fucking ghoul noticed people liked taking them for their cars so now we just don't get napkins! so they can save $100 per quarter rather than provide the barest minimum quality of life features.

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[–] sunbrrnslapper 5 points 1 year ago (3 children)

Dumb question: did the laws change or was it a change in trends to maximize shareholder returns?

[–] [email protected] 11 points 1 year ago (1 children)

There was a cultural shift in the 1970s:

From the end of World War II until the late 1970s, a retain-and-reinvest approach to resource allocation prevailed at major U.S. corporations. They retained earnings and reinvested them in increasing their capabilities, first and foremost in the employees who helped make firms more competitive.

See https://corpgov.law.harvard.edu/2019/08/22/so-long-to-shareholder-primacy/#:~:text=The%20shift%20to%20shareholder%20primacy,increase%20its%20profits.%E2%80%9D%20Subsequently%2C

[–] [email protected] 1 points 1 year ago (1 children)

Why did that change?

[–] [email protected] 1 points 1 year ago

I think it was a self-beneficial fad. All the rich shareholders think it's a great idea, as do many on boards (since the shareholders elect them), so it becomes dogma. All fads eventually lose their shine, as this one is.

But I'm neither an economist, nor a historian, so take my guess with a big grain of salt.

[–] [email protected] 3 points 1 year ago

A shift in corporate mindset to maximize growth and profit. Go research Jack Welsh.

https://podcasts.apple.com/gb/podcast/part-one-jack-welch-is-why-you-got-laid-off/id1373812661?i=1000612309266

[–] satanmat 1 points 1 year ago

Not at all is that a dumb question.

See the other comments.

It is much more cultural than anything else.
As the stock market moved from buy and hold for the long term to the more manic trading we see today where shit like robinhood allows everyone to trade options