Hopefully at least competition can catch up. It would be great to have competitive manufacturing capacity here in the EU rather than depend on global trade (Looks at Unprecedented Event Of The Month)
From what I’ve learned on Economics Explained, I don’t think it’s something that necessarily leads to better outcomes than global trade, beyond just redundancy. Competitive manufacturing relies on low costs, which relies on low wages, which favors countries where there aren’t thriving sectors of the economy that pay better than manufacturing. And even once that country is favored, it brings in more money, which leads to higher salaries, raising the quality of living, and eventually making the factory jobs non-viable in that country either. If I didn’t get anything in the above incorrect, I believe that’s called the middle income trap.
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Hopefully at least competition can catch up. It would be great to have competitive manufacturing capacity here in the EU rather than depend on global trade (Looks at Unprecedented Event Of The Month)
From what I’ve learned on Economics Explained, I don’t think it’s something that necessarily leads to better outcomes than global trade, beyond just redundancy. Competitive manufacturing relies on low costs, which relies on low wages, which favors countries where there aren’t thriving sectors of the economy that pay better than manufacturing. And even once that country is favored, it brings in more money, which leads to higher salaries, raising the quality of living, and eventually making the factory jobs non-viable in that country either. If I didn’t get anything in the above incorrect, I believe that’s called the middle income trap.