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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: neolib who wrote (174366)	11/6/2005 11:14:39 AM
From: bentway	Read Replies (1) \| Respond to of 281500

"Yes, but the dynamics of how they do it by necessity must be different from how we have lived over the last decade or two, since they will not find a much larger pool of external cheap labor who also invests the bulk of their savings in India & China." This wasn't how we built our middle class. It may be how we're losing it. Henry Ford had a problem in his early days. He could build more cars than he could sell. His solution? Double the wages of his workers and sell the cars they were building to them. Ford was no socialist - his answer served his capitalistic dream. Solutions like his are what built our middle class. I don't think Chindia will directly mirror our experience. I would imagine that hundreds of millions there will remain in poverty, but they're population's are so huge, they'll still be able to grow a middle class as large as our entire population.