Zohran Mamdani, likely New York City’s next mayor, included as one of his central campaign promises to “create a network of city-owned grocery stores focused on keeping prices low, not making a profit.” Now, there is much to criticize in Mamdani’s Democratic Socialist utopian platform. However, the naivety of his supermarket is one that is widely shared, based on my decades of teaching, even among many business school students. In most cases, it can be stripped down to the misunderstanding that if we can do away with the greedy profits in the system, we will all be saving googobs of our hard-earned income.
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