T hank the stars because it’s finally payday! You don’t have to wait any longer to splurge on the locally branded jacket you had been eyeing since its launch two weeks ago, or on a bar of your go-to imported chocolates (meant especially for rainy days).
But wait a second; have you considered whether you should be buying locally or importing? No, have you thoughtfully considered it, keeping in mind factors like inflation, affordability, poverty, eco-friendliness, geopolitics, sustainability, and a host of other socio-political issues – conversations around which shouldn’t be restricted to the classrooms of social science majors in college?
Don’t worry, we’ve got you covered either way. Read ahead as we dive deep into these aspects to help you decide which market your hard-earned money should ideally go to.
Inflation
With the capitalist system being one of the major parties in determining how the lives of billions of people take shape in the 21st century and beyond, it is no wonder that inflation is a parasite known to all of us today. From micro-level consumer spending to macro-level international trade agreements, everything is influenced by inflation. And given that its grip over the globe is intensifying this year, we must account for its implications in what, from where, and from whom we are purchasing.
As inflation causes prices to shoot up, small businesses suffer the most because they usually don’t have enough resources to continue production without going into a loss. The bulk of these small businesses will be found locally rather than among importers because the latter tend to be financially stable enough to bear the additional costs of importing, to begin with. Not to forget, since local businesses sometimes import their raw materials from abroad, inflation hits them harder by making it difficult for them to continue production.
In this situation, if consumers like you and me were to assert our support for local businesses in their time of need, it would help prevent millions of people from getting trapped in the cycle of poverty. This will also strengthen local institutions and infrastructures enough to flourish our communities at home. There may only be a handful of things sweeter in life than being part of harmonious communities, so it’s a win-win!
Affordability
While we (evidently) advocate for local spending, we won’t turn a blind eye towards its potential drawbacks or ignore the fact that in trying to address a systemic issue, we may be assuming that everyone is coming from a place of enough privilege that allows them to spend some extra money if it can improve other people’s lives. A reason why many people import goods rather than buying locally is that the former is more affordable, thanks to large-scale importers’ ability to tap into economies of scale. Therefore, while someone from an upper-class household may not be disadvantaged by spending a few extra bucks purchasing something locally to sustain livelihoods near them, a person who struggles to make ends meet may not have the luxury to do so – at least not as often as they may like to – and will be better off buying from cheaper imports instead.
Eco-friendliness and Sustainability
With climate change being a huge ongoing challenge, caring about our interactions with the environment has become crucial. Because the large-scale international corporations we import from can be blamed for launching a war on the environment for profiteering, going local may be beneficial for responsible consumers. Even when it comes to perishable items like food products, local produce is likely to be more organic, free of chemicals and packaging plastics, and, thus, sustainable.
Geopolitics
If you understand that the personal is political, you may be a person who doesn’t want an entity that is responsible for anyone’s oppression to profit. Given that geopolitics in today’s world can be a messy affair, and capitalism coupled with modern technology has rendered people’s lives less worthy than nation-states’ monetary agendas, your favorite importer or their country’s establishment may also be found to participate in such bigotry. This may push you to switch to local vendors. Don’t worry, you’re not alone in this!
Who Wins the Race?
We can count more reasons for buying locally than importing, but that doesn’t mean that it’s a black-and-white situation. Sometimes, imported products may be the better choice for a consumer due to having better quality, cheaper prices, more variety, or just being visually appealing. And that’s okay!
At the end of the day, the consumer should win the race through well-informed and responsible spending.
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- buy local benefits
- buying local products
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