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emellis
2 Comments
When Will China Overtake the U.S. Economically?
But all China has going for it is slave labor. Automation continues to develop. Fewer people are needed in factories today than thirty years ago. What happens when nobody cares about workers who will work for $1 an hour with no bathroom breaks anymore?
Furthermore, rising fuel prices already have some people questioning the wisdom of overseas production.
And all of this fails to address the fact that U.S. labor rates have been dropping as groups like the UAW realize that their leverage is gone.
Rising levels of automation, rising wages in China (so I've heard), rising shipping costs, cheaper U.S. labor. None of this bodes well for the Chinese miracle.
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