his lack of sources is why this thread was dumped to misc.
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Quote by: article The shortage of workers is pushing up wages and swelling the ranks of the country's middle class, and it could make Chinese-made products less of a bargain worldwide. International manufacturers are already talking about moving factories to lower-cost countries like Vietnam. |
that could be a vindication of clinton's trade strategy, where agreements were signed with vietnam whereby they would agree to ILO standards in exchange for improved access to our market. in general, the clinton administration supported widening the current account deficit and looked for ways to impose labor standards into bilateral trade deals. in the case of vietnam and thailand, that's exactly what they did. at the time, it looked as if the strategy would fail because china dominated textiles and could undercut vietnamese/taiwanese wages. now, these exporters are being propped up.
U.S. signs generous textile treaty with Vietnam
it chinese labor costs rise noticeably higher than in neighboring countries, i wouldn't be surprised if the multinationals packed up and moved their plants elsewhere. there's nothing special about china at all - aside from their poorly paid serfs.
"The China Price" Quote:
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Can China dominate everything? Of course not. America remains the world's biggest manufacturer, producing 75% of what it consumes, though that's down from 90% in the mid-'90s. Industries requiring huge R&D budgets and capital investment, such as aerospace, pharmaceuticals, and cars, still have strong bases in the U.S. "I don't see China becoming a major car exporter in the foreseeable future," says GM China (GM ) Chairman Philip F. Murtaugh. "There is no economic rationale." Murtaugh cites high production costs and quality issues at Chinese car plants, as well as just-in-time delivery needs in the West, as impediments.
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