Better Late than Never
The merchants in Dongdaemun market are doing sustainable management by selling fashion products at lower prices. Why such a management performance has been consistently achieved is because Dongdaemun market itself has fundamentally a competitive market structure. Adam Smith, the theoretical godfather of capitalism, said earlier that prices acted as an invisible hand in free competitive markets. Prior to Adam Smith, the 14th Century Syrian academic, Ibn Taymiyyah was among the first to put idea into words. “If a desire for goods increases while its availability decreases, its price rises. One the other hand, availability of the goods increases and the desire for it decreases, the price comes down.” + Dongdaemun market is a huge shopping mall with 30,000 small wholesale and retail stores. Above all, it is a strong point of the market that 100,000 designers inside and outside the market are doing more creative work, and it is also advantageous to have 15,000 small sewing factories ar...