According to Tyler Cowen of The New York Times, emerging markets, like Brazil, may have nowhere to go since the "great 'age of industrliazation' may be behind us. One of the many reasons for this economic stagnation is automation.
First, machines can perform more and more functions in manufacturing, and sometimes even in services. That makes it harder to compete via low wages.
Say you run a company in a developed nation and have been automating many of its processes. Because your total bill for employee wages would be low, why not choose the proximity and familiarity of investing in labor in or near your home country? This change would help the jobs picture in the United States and probably countries like Mexico, but could hurt many other lower-wage nations.
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