08-29-2005, 09:21 AM
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Banned
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Join Date: Apr 2002
Location: T.O.
Posts: 20,828
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Quote:
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Originally Posted by osuche
The economy is turning global. And that means that eventually there will be a global labor market, a global housing market, and even a global food market. That means that wage prices will fall and standard of living will fall -- as some resources get re-allocated to places like Indian and China where the standard of living is *much* lower.
Yes, our standard of living is going down. It's not GW's fault, nor is it Tony Blair's. It's the sign of our times, and while sad it's inevitable.
OK....message of doom is complete....please carry on.
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I humbly disagree with the doomday message.
I refer again to Friedman's book. He argues that outsourcing to China, India, Russia, etc. will cause their economies to rise to First World standards & it will eventually benefit all (however, many unskilled labourers will have to make allowances for the 'knowledge economy'). |