Reply #31: There is a "Global Standard of Living" [View All]

[robcon]

And it is horrible for the majority of people. As soon as the benefits of globalization accrue to the parts of Asia and Africa that are cut off, there will be a higher standard of living. A higher standard of living cannot be legislated. Asking for increased standards of living before increases in productivity is putting the cart before the horse.

Raising living standards means increases in productivity per capita and, usually, diversification of economies. China's and India's increases in standards of living are not accidental. Other countries can achieve the same growth if they globalize: find markets they can serve, and marshall their resources towards fulfilling those markets' needs.