infp

China's Statements About U.S. Debt Are Overblown

On a very simple level, I never understood how globalization could be broadly beneficial for a wealthy country like the US. If an average US worker is making $20/hour and an average Chinese worker is making $1/hour, eventually I would expect them both to make $10.hour. I do not offer this extremely simple observation as an indictment of globalization, I simply offer it as my expectation that some sort of global salary equilibrium is inevitable in a global economy.