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.
|Bridal Brokerage: Business Buys Cancelled Weddings and Resells Them to New Couples|
|"If a big corporation has something you want, you should steal it."|
|Who Your Facebook Friends Are Could Change Your Credit Rating|
|Credit Card Data Can Be Easily Stolen With a Smartphone|
|iPhone5C: the 'C' Definitely Not for 'Cheap'|
|“This incredible inconsistency can make English really hard to master for non-native speakers.”|
|How to Avoid Jury Duty|
|“That’s why Colorado School of Mines decided it was time for students to learn how to tap celestial bodies for all they’re worth.”|
|“What if there was a thermostat that allowed you to turn down the temperature of the Earth whenever you wanted.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|Review of BenQ's treVolo S Portable Electrostatic Bluetooth Speaker|
|“Lifting the electric motors out of Teslas and putting them in the chassis of other, formerly gas guzzling cars.”|
|On Instagram, Everyone Takes the Exact Same Photos|
|“What can we do to make responsible use of plastic a reality? First: reject the lie.”|
|“Rejuvenation is Finally an Industry.”|
|Why, Typewriters Are Alive and Well, Thank you|
|The (Very Scary) People of Public Transit|