Cheap
By Ellen Ruppel Shell
The High Cost of Discount Culture. Penguin Press, 2009.
Summary of Cheap book by Ellen Ruppel Shell
A thought-provoking study of how and why America’s consumers stopped caring about quality products and started caring about low prices, and the economic effects that followed this “bargain hunter” mindset.
Chapters in Cheap book summary
What do you get from this book? An in-depth analysis of America’s destructive spending habits and their economic effect
Mass production and buying in bulk cut costs, lower prices, and change the way America sells and manufactures goods
Sam Walton and Eugene Ferkauf follow the “Supermarket Model” and alter America’s Merchant-Consumer Relationship for the worse
Emotions overtake rationality and create the illusion of getting a good deal even when you’re not
Outlet malls promote “brand dilution,” and “markdown money” gives power to the retailers
Ikea’s “flat packaging” reduces shipping and labor costs, but it’s also destroyed modern-day craftmanship in lieu of bargains
“Elastic” and “inelastic” goods are driven by consumers and their reaction to fluctuating prices, which helps keep inflation in check
Exported crops and subsidies destroyed family-owned farms, creating all-time low food prices that spiked unexpectedly in 2008
China’s unfair labor practices and deceitful manufacturing tactics result in dangerous products and low wages for American workers
“Creative destruction” is a difficult but necessary process of capitalism; however, “perfect competition” hurts the economy
Summary of the key insights
Selected critiques in brief
Final word
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Cheap — Book Summary Snapshot
Who should read Cheap book
- sociologists
- accountants
- small business owners
About the author of Cheap
Ellen Ruppel Shell
Long-time journalist Ellen Ruppel Shell has spent her professional career researching, studying, and writing on the cause and effect of evolving cultures, policies, and economics with a special emphasis on science. She maintains regular contributions to The Atlantic Monthly while educating future generations at Boston University.
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