I think this is very good news. Fast fashion leads to resource and people exploitation. This is great that people use their old clothes and refrain from buying new ones for no other reason than the old ones have become unwearable.
(edit: typo)
Not a fan of fast-fashion, but what does "people exploitation" mean?
Should a Bangladeshi factory worker go back to begging in the streets instead of working a job at a factory? They provide value in terms of making a product that you buy.. what's the problem with that?
The jury is really out on if foreign manufacturers help third world economies or hurt them. One major benefit that is hard to quantity is that foreign manufacturing is a sign of a stable government and can increase the stability of the government.
This is a choice between a foreign-owned factory or no factory.
Also, why would you expect the profits to stay inside? If Nike opens a factory in Bangladesh, wouldn't the profits go to Nike? I don't understand your "local profits" statement?
And the jury isn't out on the benefits of neoliberal globalization. It's been shown to clearly reduce poverty among the global poor. It's why Bangladesh went from 41% extreme poverty to 14% extreme poverty over the last 25 years...
In Bangladesh citizens own a factory then Bangladesh benefits much more then if Nike owns a factory. By "Local profits" I meant when locally-owned factories operate more money is kept internally then when foreign-owned factories run.
Globalization as a whole benefits most people, and this is not up for debate. I will agree with that statement.