World Competitiveness Report 1994
According to the World Competitiveness Report 1994 , with freer markets
Subject: Business   / Finance
Question
According to the World Competitiveness Report 1994, with freer markets, Third World nations are now able to attract capital and technology from the advanced nations. As a result, they can achieve productivity close to Western levels, while paying low wages. Hence, the low-wage Third World nations will run huge trade surpluses, creating either large-scale unemployment or sharply falling wages in the advanced nations. Comment on this apocalyptic scenario.
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