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RE: Cisco moves even more to china.
On Thu, 23 Sep 2004, Joseph wrote:
Modern capitalism does create a race to the bottom effect for labor which seems to have no end.
This race exists because of imbalances in prosperity in world. The ultimate effect will be to completely level standard of living in the world, which in the greater scheme of things will be a good thing. This level will be far higher than it is now for the vast majority of people in the world. For some unfortunately it will no improvement, possibly even a slight drop.
It's easy for me to say though, I live in a country that has gone from one of Europe's poorest, to one of Europe's richest in barely 20 years, thanks to globalisation and external investment (and EU grants and tax breaks to help attract that external investment).
regards, -- Paul Jakma paul@xxxxxxxx paul@xxxxxxxxx Key ID: 64A2FF6A Fortune: Kilroe hic erat!