> if the shop owner is getting rich and most of those profits are going into a fat bank account, then it makes no difference to the local economy
While arguably not ideal I would also argue that is still better than the same profits being captured by an increasingly centralized corporation many states or countries away.
Local millionaires using a bank will incentivize that bank keeping branches open in town, which can help other locals more easily maintain savings accounts. I personally make a point to use at least one locally incorporated bank for similar reasons.
Even something frivolous like a local millionaire buying a powerboat stimulates the economy because the infrastructure that is required to maintain that keeps a demand for other jobs open and keeps money flowing.
Now I’m not saying powerboats are intrinsically good. All I’m saying is that if someone is going to buy one with the profit captured from running a business selling eg home goods, it’s better for a local economy for a local to do it vs a Bay Area Bezos a thousand miles away.
While arguably not ideal I would also argue that is still better than the same profits being captured by an increasingly centralized corporation many states or countries away.
Local millionaires using a bank will incentivize that bank keeping branches open in town, which can help other locals more easily maintain savings accounts. I personally make a point to use at least one locally incorporated bank for similar reasons.
Even something frivolous like a local millionaire buying a powerboat stimulates the economy because the infrastructure that is required to maintain that keeps a demand for other jobs open and keeps money flowing.
Now I’m not saying powerboats are intrinsically good. All I’m saying is that if someone is going to buy one with the profit captured from running a business selling eg home goods, it’s better for a local economy for a local to do it vs a Bay Area Bezos a thousand miles away.