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When the "billions" (really?) of Asians are working for companies like Foxconn, the benefits aren't so difficult to dismiss.

Stats describing wage stagnation have been posted over and over on ET.

And I'll say again - the real numbers have to take into account spending on essentials such as housing. Wages may have exploded at the periphery (compared to what?) but gains are illusory if that increase goes immediately into forced costs.

It's not just the US. In the UK in the 1950s, a large-ish house was an affordable 1.5X of middle class surveyor's salary.

By 2010 the same house is now 17X a middle class surveyor's salary. (This isn't a hypothetical, btw.)

I don't doubt - and I'm not surprised - that somewhat socialist countries like Finland may be doing better than most.

But you won't find them being described as models of competitiveness in the economic press - and certainly not as role models that the US or the other "competitive" Anglo economies can learn from.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Dec 24th, 2010 at 07:36:54 AM EST
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