Quote:
Originally Posted by EnI  And who will built & engineered the machines? The birds?  
Btw, if globalization brings prosperity to the poor countries & their citizens, and when globalization process continues, someday we will run out of poor countries. And who will then work for a red cent per day ? You? Or the monkys perhaps?
Btw, gold is not an essential raw material like eg. other metals like iron, copper, aluminum etc. Also the oil: prices today are higher then ever before - not only due some political reasons like in 70s, but also due much higher demand. Check oil consumption in 70s, and compare it to oil consumption today. Then remember that oil supply is limited ... and natural oil reserves are shrinking rapidly. Get it? |
There are billions and billions of reason why there will
always be cheap labor or lowly paid engineers in the world to build machines. The world will never run out of poor countries. Get it?
My point is that workers can't easily have work without capital. Capital can go anywhere and be productive, especially this day in age. In my opinion, capital must be put up before workers have jobs.
You don't think there is a political reason for oil to be where it is today? There is no shortage of oil. They is a shortage of refining capacity, but that is different from a crude shortage. There is a geopolitical risk premium in oil, maybe $10-20 per barrel. In the 1990s, oil was much cheaper than they were in the late-'70s and cheaper in both real and nominal terms.