From http://heraldnet.com/article/20110428/OPINION04/704289853/-1/opinion
Froma Harrop
"I hear that many Chinese exporters are rejecting orders from Walmart and other Western retailers," said Dong Tao, an economist for Credit Suisse in Hong Kong. "I've been covering the Chinese economy for a long time, and I've never heard that before."
"Seems that inflation and Beijing's efforts to raise the country's pitifully low wages are making Chinese goods too expensive for the likes of Walmart. The giant discount chain is now seeking lower-cost suppliers where workers toil for even less."
If true, an important milestone on OUR international race to the bottom of the food chain. Looks like the world will run out of cheap labor before running out of oil. What happens then?
Our standard of living will rise again? Fat chance of that! Not as a scab nation. We are competing for the bottom, not the top.
Froma Harrop
"I hear that many Chinese exporters are rejecting orders from Walmart and other Western retailers," said Dong Tao, an economist for Credit Suisse in Hong Kong. "I've been covering the Chinese economy for a long time, and I've never heard that before."
"Seems that inflation and Beijing's efforts to raise the country's pitifully low wages are making Chinese goods too expensive for the likes of Walmart. The giant discount chain is now seeking lower-cost suppliers where workers toil for even less."
If true, an important milestone on OUR international race to the bottom of the food chain. Looks like the world will run out of cheap labor before running out of oil. What happens then?
Our standard of living will rise again? Fat chance of that! Not as a scab nation. We are competing for the bottom, not the top.
