I think there is broad agreement for you explanation across the political and economic spectrum. In management/MBA speak they refer to the change that is occur

I think there is broad agreement for you explanation across the political and economic spectrum. In management/MBA speak they refer to the change that is occurring as "climbing the value chain". Each nation must apply its labor to higher value-added industries in order to improve it standard of living. This might seem like an impossible task, but there is no in principle reason why most Chinese coal miners might not be cancer researchers in one generation. Or most Western shelf stackers might not become programmers.