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The reality is the cheap labor substitution pathway has reached it's end in manufacturing. This is going to cause a wrenching change in corporate profits and behavior.
When the move to China began in the 1980's, the managements saw an endless sea of cheap labor. Now the sea has been used up (so to speak).
The long term result will be a shift from human labor in manufacturing to robot labor. But the shift will be long an painful.
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