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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (65361)7/6/2006 11:53:21 AM
From: GST  Read Replies (1) of 110194
 
<globalization is going to continue to reduce wages>

That depends in no small part on what it does for productivity. People in other countries are human beings just like you and me. By expanding the global economy and mobilizing resources we have growth. But growth from adding more resources is not the same as growth from improved productivity. At he point where productivity rises, then world living standards can rise on a more sustainable basis. US living standards, to the extent they are based on protectionist measures, can be artificially raised, but only by income transfers within the US and lower overall productivity. The trick in a global economy is to be productive. To be productive, you need an education. The US will be as wealthy as our educational institutions make possible, and as our population makes use of these institutions. There is no free lunch, but nor is there any foundation to the notion that we are necessarily worse off in a global economy -- quite the contrary.
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