Well worth reading this today from Martyn Daniels and an interesting counter point to the previously tweeted video from O’Reilly Radar. To me, this is why capitalism works, because as economies grow and develop they push standard of living higher and increase income across the board, especially as countries play to their competitive advantages. Fascinating to see it impact hugh-tech companies so rapidly.
The most interesting point is that counties such as China and India no longer want the low end assembly and service work. “China doesn’t want to be the workshop of the world anymore,” says Pietra Rivoli, a professor of international business at Georgetown University. India is already maturing as a workforce and aspirations and wages are growing fast. The question is will the West pay more or simply flow to the next cheap source of labour?