Wal-Mart delivered truckloads of supplies, including free prescription drugs, to those devastated by Hurricane Katrina almost immediately after the storm passed, rather than in the daysin some cases weeksthat it took government agencies to provide relief. The fundamental reason for such superior performance is that private ownership and the price system give competitive firms stronger incentives and better information on which to act quickly and flexibly during disasters.
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|Other Independent Review articles by Steven G. Horwitz|
|Fall 2017||Success and Luck: Good Fortune and the Myth of Meritocracy|
|Summer 2017||Inequality: First, Do No Harm|
|Winter 2013||The Reality of the Wartime Economy: More Historical Evidence on Whether World War II Ended the Great Depression|
|[View All (7)]|