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How can China be killin' US when they haven't catch up to us yet? And they may never ever catch up.
Those manufactoring jobs are low-wage and moderate skill. US is transitioning into a high-wage, high-skill jobs economy. China (and everyone else) wishes they are in our position. So no, China is not killin' US, it's US who is killin' the rest of the world (for both good and bad).
In fact, the next phrase in China's economic cycle is to become more like us - more innovation, less manufacturing. This is a tall task and while I think they can do it, there is no guarantee. So no, China is not killin' us, they're not even playing at the same level as we do.
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Manufacturing and innovation go hand in hand. We have done our nation's innovators a great disservice by exporting so much of our manufacturing base.
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Originally Posted by Major Barbara
Why on earth would anyone want to pay MORE for an available and equivalent good than what the market says you have to? To do so would basically be subsidizing inefficient production.
There is nothing inefficient about the US manufacturing sector. It is one of the most efficient on the planet.
China just stockpiles resources and subsidizes their industry, meaning no profits are required. That's what communist regimes do.
It's very easy to compete when you don't have to abide by the rules of the free market. As a matter of fact, you could suggest that China is changing the way the free market operates. Just look at the world debt. It just keeps growing and growing, because nations are increasingly subsidizing industry and people in order to compete.
but when that argument is use to talk about salary rates, they get upset because they want to be paid more for inefficient production of labor lol
Ineffecient production of labor is grounds for outright dismissal pretty much everywhere. You can't even keep one of those "cushy government jobs" with inefficient production of labor.
Manufacturing and innovation go hand in hand. We have done our nation's innovators a great disservice by exporting so much of our manufacturing base.
We are the second largest manufacturing economy in the world. We haven't exported anything. None of this "belongs" to us. Jobs are performed where the economics say they should be. Textile work moved from New England to the southeast then to Mexico and on to China, Thailand, Bangladesh and Vietnam. This is the way the world works.
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Originally Posted by andywire
There is nothing inefficient about the US manufacturing sector. It is one of the most efficient on the planet.
Way to miss the point completely. No sensible person would or should want to pay more for something when he has the opportunity to pay less. Is that really hard to understand?
Quote:
Originally Posted by andywire
China just stockpiles resources and subsidizes their industry, meaning no profits are required. That's what communist regimes do.
You're stuck in a 1950's Cold War world. Read two books about Chinese economic history that cover the past 40 years or so and call me in the morning.
We are the second largest manufacturing economy in the world. We haven't exported anything. None of this "belongs" to us. Jobs are performed where the economics say they should be. Textile work moved from New England to the southeast then to Mexico and on to China, Thailand, Bangladesh and Vietnam. This is the way the world works.
Way to miss the point completely. No sensible person would or should want to pay more for something when he has the opportunity to pay less. Is that really hard to understand?
You're stuck in a 1950's Cold War world. Read two books about Chinese economic history that cover the past 40 years or so and call me in the morning.
The op should read some books about basic economics.
The op should read some books about basic economics.
There is a great general need for that considering that this is supposed to be an "Economics" forum. With that in mind, levels of understanding of that topic tend to be simply abysmal in these parts.
I am amazed at the low cost of many products. Clothing costs less - and is of better quality - than it did 30 or 40 years ago. I benefit daily because of the lower costs.
Costs would have declined if they were made in the US also, via automation. Look what has happened to the price of domestically grown food in the last 150 years.
That fact that median real wages have been flat for 40 years reveals that you are not in fact benefiting from lower costs.
I have a double major in economics and think we are screwed. Our economy has been kept afloat by an 18 trillion dollar credit card called the Federal Reserve.
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Originally Posted by littlemissrock
The op should read some books about basic economics.
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