Today I ran across an old article, originally posted in 2010, 16 Facts About Walmart That Will Blow Your Mind by Ujala Sehgal on Business Insider. Actually, the piece was more slide show than article, but it succinctly explained some rather scary facts about this giant retailer. I thought I’d take this opportunity to go over some of the facts laid out in the article, with my own observations thrown in for good measure.
1. Walmart has more full-time employees — 2.1 million — than seven times the population of Iceland.
My first thought when I read this was about the irony of comparing any aspect of Iceland with Walmart.
Iceland was hit hard by the so-called “great recession” of 2007–2008. Prices on their local stock market dropped by 90 percent, inflation rose 18%, while unemployment increased by a factor of nine. Oh, at the same time all of the country’s biggest banks failed. However, Iceland has recovered nicely, not by bailing out the banks and leaving their private citizens to sink or swim. Instead, they concentrated their efforts on helping people get out from under crippling mortgages and prosecuted the bankers.
Guess what? It worked. According to Bloomberg their economy is now a shining example for the rest of us: