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China is equally dependent on foreign infusions of capital. The real issue I think is that labor arbitrage has been very good for upper income and wealthy Ameri
by api 8y ago
China is equally dependent on foreign infusions of capital. The real issue I think is that labor arbitrage has been very good for upper income and wealthy Americans. Corporations and the rich have gotten much richer by shipping labor off to China and paying less for it and pocketing the difference. That's largely why there has been no political will to challenge this situation.
- lotsofpulp 8y agoI find it funny that it's also the previous generations' middle class' 401(k)s and pensions that need the investment returns provided by cheap chinese labor and lax environmental rules, while at the same time ruining the future for their descendants.
- Fjolsvith 8y agoTo me, the lack of political will to change has been akin to the local business owner being afraid to tell the local mafia boss he no longer needs protection.