I recently found that in 2008 the top 83 nations in terms of per capita GDP increased this measure at a slower rate than the bottom 83
Perhaps at glacial lack of speed we are moving to a more equal world
Some evidence that we could be moving to a global average wage for equal levels of skill is seen in the way bids are made for work projects on the internet
I saw where out of work American financiers would bid US$ 100 an hour for work but were undercut by Asians willing to do the work for far less … more strength to the hard working Asians, I say!
My heart does not exactly bleed for out of work American bankers
The book “Globality” sub-titled “Competing with Everyone, from Everywhere, for Everything” by Sirkin, Hemerling and Bhattacharya deals with the increasing mobility of capital in the global economy and trends towards a global average standard of living
My personal view is that Credit has been dis-credited and that the next major move in economics needs to be to a Savings Based funding of affordable growth
This needs to be coupled with the destruction of manipulated consumerism. The new religion of Mass Marketing, a cult practised so viciously in its Shopping Mall Temples, needs to be exposed as the most dangerous cult in the planet.
Buying what we can not afford simply brings forward spending and builds a bubble of demand which can not be sustained as the appetite for credit is stretched beyond reasonable limits
If tax and every other law encouraged savings and we spent only our savings, or better still our interest on savings we might take much more care in starting projects which have social value as distinct from value to the Cult of Consumerism and Marketing and its bogus claim to promote higher living standards
The highest standards of living may well be enjoyed by those who want less rather than more. Certainly they have a greater chance of attaining peace and satisifaction as well as freedom from debt if their needs are less.
There is Life after Debt