Eni.. you make it sound like there won't be any jobs for the middle class. This certainly is not and will not be the case. Only the most basic jobs are being moved to cheaper labour nations such as China, India or African nations (eg: Nike). Sure we hear about call-centres and factories being moved to these nations, but I can bet that more people are being made redundent due to company restructuring rather than corporations moving part of their operations to cheap-labour countries. By restructing I'm referring to instances where company's have become too large for their own good (eg: current situation at Ford America).
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The problem that arises here is: if companies are no more interested in offering new jobs in developed countries that means no jobs for middle class -> less money for general consumption -> less demand -> lower prices -> lower profits -> lower BDP etc.
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Possible counter arguments:
1. Cheaper products due to globalisation -> Greater level of disposable income since good are cheaper than before -> more spending -> greater demand
or..
2. Using your argument of increasing unemployment of middle class: Increase in unemployment -> Decrease in inflation (due to lower levels of spending) while wages remain fairly constant -> More affordable goods -> Increase in demand
3. You say that lower demand -> lower prices which may well occur, but lower prices will very quickly bring demand back up as consumers act positively (and quickly) to lower prices. Ofcourse I undertand your point that demand cannot pick up since the middle class is unemployed, but like I explained earlier, the entire middle-class will not become unemployed in a flash, otherwise the economy itself will implode.
The economy runs in cycles, so either way it will pick up. If one business feels the pinch of decreasing profits due to the economy, you can be sure that their competitor's are feeling it too (assuming that particular company isn't losing money for some reason other than an econominc downturn, that is: implying some form of mis-management). With peoples' level of disposable income for general expenditure decreasing, we tend to save rather than spend. Soon enough this trend to saving will increase consumer's level of disposable income, and then again push up demand and spending activity.