Comment by badpun
That's a vision of a potential future, not the world we live in right now. Right now, there are a couple hundred million people in Asia and Africa making things for the Western consumer, mostly for pittance wages.
That's a vision of a potential future, not the world we live in right now. Right now, there are a couple hundred million people in Asia and Africa making things for the Western consumer, mostly for pittance wages.
It's mostly people in China, and as they've grown richer, their exports haven't gotten more expensive in the West. Which casts doubt on the whole hypothesis.