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URL:  http://boards.fool.com/quotno-i-think-the-point-is-that-people-in-the-17070934.aspx

Subject:  Re: Worldwide Wealth Figures Date:  4/16/2002  2:04 PM
Author:  Commodore64 Number:  65064 of 726165

"No, I think the point is that people in the un-developed nation are un-fortunated and I think businessmen and politicians in developed countries like to keep it that way. That way, they can continue to feed off the cheap labors of the un-developed countries. "

I find it amazing that people forget that the USA started out much like the "third world" countries of today- a place with low costs, minimal regulation, and a large and expanding supply of relatively cheap labor. 40 years ago, Japan was in a similar situation. 30 years ago, it was Hong Kong. 15 years ago, it was Korea, and there are plenty of other examples. These nations with cheap labor can become relatively wealthy in short order IF THEY allow it to happen (it is THEIR governments that will screw up the works, NOT international businesses trying to "keep them down"). I think its important to remember that it is better to earn $3 a day working 10 hours a day at the Nike plant than earning 25 cents a day working 14 hour days on subsistence farming.

20 years from now, some of the nations that now serve as "cheap labor" will become economic powers and their people will be much richer IF their government doesn't screw it up (my bet is on China becoming a major economic power).


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