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Or is there really so much domestic policy can actually do?
Now, everybody knows the middle class is dwindling. That’s not a secret.
The left will blame the greed of the corporate elites and the right will blame government taxation and regulations for putting a break on investment.
But what’s really going on here?
A worker in China – a country of 1.5 billion people, 5 times the population of the United States – has an average hourly wage of $1.68, a little bit below the wage in India, another country whose population is above a billion people.
China today is the second largest economy in the world, having recently passed Germany.
Since people like to discuss economics here…
What happens if prices in a market A are higher than those in market B? Well, unless there’s some reason why consumers can’t readily go into market B, they will leave market A and head towards market B, which will force sellers in market A to lower their prices. Market B will raise its prices somewhat, until a new equilibrium is reached.
And globalization has done just that: It was a concerted effort to get rid of trade barriers.
For a while, the west still held sway, in part because of a better-educated population (the value-added thing), but these countries haven’t stayed static in that domain either. India now has accounting firms that will do work for $12 an hour – hardly the wage promised to graduates in accounting in the west. They also make more microchips. China now has an EMERGING middle class – over 100 million people there now own a car (incidentally, an important reason why you’re paying more at the pump – more demand=higher price).
Given all of this, isn’t this whole political discourse misleading?
Isn’t time for western countries to face up to the simple fact the party is over?
As for the automobile sector, right now, North America is competing with Japan. Still an acceptable proposition. But what happens when Chinese vehicles flood the market? There’s no inherent reason a Chinese-made car must be bad. It’s coming sooner or later.
(You may believe everybody has a responsibility to become an entrepreneur then, as you’ll hear Randians say, but who else thinks it’s realistic to have an entire economy based on import-export and financial transactions?).