- Joined
- Feb 7, 2010
- Messages
- 4,195
It is an endemic problem that doesn't have a singular solution. Until standards of living are raised in the Third World economies, the standards at the top will continue to be eroded. The super-wealthy seek to insulate themselves from this by accumulating even more wealth, but only so much wealth is created, mostly by those who slap on their boots and go to work every day. Lacking any new ideas, those at the top realize the only way to get wealthier is if a lot of those underneath them on the economic ladder can be made to produce more for less. This is the problem with globalization; as business moves to lower-wage, lower regulation, lower tax countries, the economic base upon which the wealthy stand is constantly eroded and requires shoring up. More and more wealthy folks are created in the process, but less and less of that wealth exists at the levels where it's actually made. China has billionaires, and a (reportedly) burgeoning middle class. But it takes millions of low-wage peons to support, and business constantly tells labor we must compete with that or die. When, in the unknown future, standards are raised in China, businesses will move elsewhere, to India or Malaysia, for example, and the cycle starts over again. Does anyone believe the oilgarchs will give up enough of their treasure that the whole world can enjoy the standard of living we in the US and most Europeans and Japanese have? I believe they will seek to consolidate control and further blur the borders (not strenghten them) so as to exploit the cheapest available alternatives. For the rest of us, it's a race to the bottom.