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>Wages in Shanghai have more than doubled in the past seven years, and the company that owns the factory, Cambridge Industries Group, faces fierce competition f
by vivekd 10y ago
>Wages in Shanghai have more than doubled in the past seven years, and the company that owns the factory, Cambridge Industries Group, faces fierce competition from increasingly high-tech operations in Germany, Japan, and the United States.
It seems we found a solution to the fabled race to the bottom that globalization was supposed to bring. Instead of competing through reduced wages and lax environmental standards, it seems that technology is the main arena of competition with technologically advanced nations being able to edge out those with lower wages. . .
Now we just need a solution for the massive unemployment this may produce.
- Fricken 10y agoIt won't produce massive unemployment, we still have yet to conquest the universe. Even with the help of machines, there's lots of work to be done. If you feel otherwise you're just not thinking big enough. Or else machines really will become better generalists than humans, but after that we simply won't be in Kansas anymore and all conventional economic arguments become moot.