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lewis turning point: https://en.wikipedia.org/wiki/Lewis_turning_point

The inflation has been offshored. China's rural population has been lifted out of poverty. What happens to the world economy when china runs out of cheap labor?

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There are still many other countries with cheap labor (Bangladesh, Pakistan, lots of Africa etc). It will still take a few more decades for the majority of the whole world to get out of poverty (assuming we don’t go off the rails).

Some countries will always have cheaper labor than others.

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