Competitiveness
Among the many global shopping markets, Dongdaemun market is a unique mall where a lot of small-scale wholesalers maintain sustainable management in a state of perfect competition. At first glance, we cannot believe that the small size wholesalers will be able to survive in such a perfectly competitive market. In fact, just as to live is to fight, trading in the market is fighting. In other words, commerce itself is an economic behavior that fights like a war. Right or not, it is a fact. For that reason, everyone may think that a big company with economies of scale, such as monopoly or oligopoly, has great market power in the situation. However, that’s not true. Or rather, in a perfectly competitive market, small size wholesalers can have higher market competitiveness in the long run and sustained business performance. In such a marketplace, there is the golden rule of Adam Smith’s laissez-faire economy, and it is also the land of dreams for the happiness and peace of all. M...