Thursday, December 25, 2003
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Christmas and capitalism in Eastern Europe
To end the Christmas day blogging on some good news:
The Chicago Tribune has a fascinating story on the extension of credit cards into Central and Eastern Europe -- just in time for holiday shopping! The interesting parts:
These countries are not only playing catch-up to Western Europe, however. In some areas of the protection of credit, they're innovating:
Developing... in a good way.
Merry Christmas to all!!posted by Dan on 12.25.03 at 11:19 AM
Of course, not everyone in Eastern Europe is wild about this new phenomenon:
Labor unions in the Czech Republic demanded Monday that stores stop playing Christmas carols incessantly or pay compensation for causing emotional trauma to sales clerks.
I always wondered how those retail people stand it...posted by: E. Nough on 12.25.03 at 11:19 AM [permalink]
I'm pretty sure that something like 80-90% of the cards are, like my Slovak PostBank MasterCard, Debit cards. The money has to be there, and gets moved out immediately upon authorization at check out.
Virtually no unpaid balances. Easy credit card company money. Plus fees!
A huge investment in shopping malls has been going on, too -- with the "supermarkets" being bypassed by direct building of hypermarkets. Unfortunately, this leaves little room for big Macy's style shops, at least so far. Either small boutiques or hypers, for clothes especially.posted by: Tom Grey on 12.25.03 at 11:19 AM [permalink]
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