The developed world turned into rent-seekers, which worked fine up until the the developing world developed enough not to need every service the rent-seekers pr

The developed world turned into rent-seekers, which worked fine up until the the developing world developed enough not to need every service the rent-seekers provided by renting out their assets to service providers. Suddenly, the service providers no longer have the fat margins but the rent-seekers still want the same rent increasing at the same pace when all need to consume the stuff produced by the people who were left out of this system. IMHO the developed world will have to go through restructuring and bring back "makings stuff" home. The inflation is supposed to help with this, when enough architects are willing to pay high enough for cheese maybe some of the architects will get into making cheese. Overall, I think the adjustment will be good for everybody. Although specialisation in a global trade can be beneficial, it can't be expected that the people of one country will work in sweatshops forever and others will have the good life simply because of their location. Eventually, things should stabilize in a more meritocratic world. A person baking bread in the Philipines shouldn't be having drastically shittier life quality than a person person baking bread in London and people baking bread in general should't have much shittier lives than people who inherited a house or works in finance. Of course, the value of contribution can be different and its all determined on the free market but it shouldn't be priced based on structural issues.