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I wonder, to what extent was this about labor costs? Wasn't it higher price of labor in the west that forced it to industrialize more than India? Perhaps India
by asgard1024 12y ago
I wonder, to what extent was this about labor costs? Wasn't it higher price of labor in the west that forced it to industrialize more than India? Perhaps India got stuck in a local optimum, with low wages.
A similar situation may be happening today. Due to automation, there is not enough jobs for everybody, which may decrease the cost of labor, slowing down pressure on technological development.