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That's obvious nonsense. Look what Japan, China and India have done for the world. First cheap fast-growing investments producing low cost goods (aka sweatshops
by JulianMorrison 17y ago
That's obvious nonsense. Look what Japan, China and India have done for the world. First cheap fast-growing investments producing low cost goods (aka sweatshops), then a rich economy that can do its own investing. Even countries that get a smaller slice of the pie now still have cause to be glad that the whole pie is larger.
- ytinas 17y agoI don't follow. You don't think the US has interest in China labor being so cheap? What do you think would happen if standard of living for the average Chinese reached that of the average American and they had to be paid the same amount it would cost us to produce materials?
- JulianMorrison 17y agoWe've seen the answer to that - it already happened in Japan. The search for cheap labor moves on to another poor country, and the newly rich country is an economic benefit to all as a trading partner.
- ytinas 17y agoAnd when we run out of poor countries? You could say that that can't happen because when the Chinas/Indias of the world get to our current standards we will be at a higher standard and they will still be poor relative to us, but this doesn't appear to be happening. The American middle class had a lot more money e.g. pre-Reagan than they do now.