4 ms·
I agree that the rich of the world are morally obliged to help the rest catch up. The analysis you put forth suggests the wages that otherwise would go to the m
by jahnu 11y ago
I agree that the rich of the world are morally obliged to help the rest catch up. The analysis you put forth suggests the wages that otherwise would go to the middle and working classes are going to people in developing countries but is it not also true that whilst wages are stagnating the wealth generated by increased productivity is largely accumulating amongst the already super rich?
- mc32 11y agoYes some of the wealth which could otherwise could go to the workers of first world countries is going to the upper management of these companies, but I think that is made possible because of globalization. If the domestic costs get too high, they can move production to Mexico, or they can move development to Russia or India. This keeps a lid on wages and at the same time allows more for the management class. If we were to see international competition in management workers, they too would experience stagnation and companies would see increased profits. Let's look at the wage growth of professionals who implement barriers to entry from foreign trained professionals like doctors, lawyers, etc. Have their wages stagnated?
- jazzyk 11y agoAs for doctors, yes, stagnated to some extent (albeit at a nice level :-)). But the reasons are entirely different - the cause is the growing, cancerous (and greedy) layer of bureaucracy on top of actual producers (doctors). But that's yet another topic.