I would like ask what source was used during a recent Economic Update when Prof Wolff spoke of high rates of retail space per capita where the USA was 25 square foot, Canada was 16 square foot and Australia was 11 square foot? I remembered those numbers vividly and noticed this article in one of major Australian Newspapers today: "New retailers set sights on Australia http://www.theage.com.au/business/property/new-retailers-set-sights-on-australia-20161122-gsurev.html More international retailers are eyeing off the viability of entering Australia, depending upon their ability to secure flagship sites in capital cities or in expanding suburban malls, according to Colliers International research." Is Global Retail having its "Moby Dick" moment? The desperation of overseas retailers fleeing their own declining and depleted markets to set up shop far away in 'tiny' Australia, a country that would a best in volume still only represent 1-2% of all global sales. Domestically, it will look like more imported made in Asia stuff sold in a fancy shed somewhere, from an imported company (well imported by the landlord, - sorry - 'inticed') most probably by (self-)imported workers. (Australia has had the highest immigration and population growth rate in the OECD for many years now, far beyond anything sustainable. The growth rate in some cases is higher in absolute terms than a much bigger country like the UK and Germany, although Australia is really a continental desert.) Thank you for your reply.
You are noting some of the many irrationalities within a profit-driven capitalist system. Investments flow where private profits attract diseregarding the economic and social and ecological "collateral damage" of the investment since that is not charged to the private investor whose decisions incur that damage.