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Following the recent collapse of a garment factory in Bangladesh that killed 1,129 workers and injured 2,500 more, over 70 companies, mostly Europeans, signed the Accord on Fire and Building Safety in Bangladesh. This Accord was rejected by most US companies, who instead announced the Bangladesh Worker Safety Initiative agreement, led by Wal-Mart and the Gap and signed by 17 companies.

The Wal-Mart/Gap agreement recreates the primary weaknesses of private monitoring, the centerpiece of corporate social responsibility (CSR) in the global apparel industry for over a decade.

The consensus among researchers is that CSR monitoring has done little to improve the industry.  Although there is evidence that standard payment of wages and health and safety conditions have improved in some factories, overall we have seen a decline in real wages, a rise in the use of temporary and contract labor, the continuation of millions of dollars in wage theft, and the deaths of workers by violence, fires and building collapse.

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Adam Davidson is a co-founder of NPR’s Planet Money, a team of economics reporters that produces podcasts and segments for various NPR shows and the extraordinary weekly public radio show, This American Life. Davidson and his Planet Money team have produced some of the most penetrating and informative reporting on contemporary finance. Indeed, their reporting on finance is unrivalled, serving to demystify the murky world of derivatives, mortgage backed securities, credit default swaps and the like for a broad public audience – in the process playing a critical role for democratic debate.

And Davidson can really tell a good story. So good that he has recently been given a new platform for a news analysis, his It’s the Economy column for The New York Times Magazine. Unfortunately, since Davidson has turned from reporting on finance to news analysis focusing on the wider economy, he has increasingly traded the rich journalism that made his name – carefully and clearly explaining the esoteric workings of the financial world through first-rate investigative reporting – for commentaries on the broader economy that present embarrassingly thin analyses based on the oversimplified fantasy world of textbook economics and recycled tropes of American exceptionalism.

Davidson’s fascination with mainstream Economics got the better of him again in last weekend’s Magazine column, in which he praises the entrepreneurial efficiency of an alleged craft revival. Based on a couple of interviews with “successful entrepreneurs” making hand-crafted beef jerky or precision manufactured components,  Davidson argues that a new breed is following “what seems like an ancient business model: making things by hand,” rejecting “the high-volume, low-margin commodity business.”

But, we learn, “the craft approach is actually something new — a happy refinement of the excesses of our industrial era plus a return to the vision laid out by capitalism’s godfather, Adam Smith.” The craft revival is a further realization of the Smithean division of labor, a new round of efficiency improvements based on “hyperspecialization.” Indeed, so efficient is the American economy that “the average American leads a shockingly good life by any historical or international standard” and “Huge numbers of middle-class people are now able to make a living specializing in something they enjoy, including creating niche products for other middle-class people who have enough money to indulge in buying things like high-end beef jerky.”

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