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Originally Posted by Caged Great
That's all well and good, but you skipped the last line of the next part of that post
"Or if you're willing to spend 5-10X the amount for things."
That is part of the problem. If you increase tariffs, that would work. Unfortunately TV's, clothes and all the other things that are manufactured elsewhere are going to become really expensive. Unless the wages mirror the new prices, then the only result will be even higher poverty.
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Maybe, maybe not. Many products simply would not sell at higher prices, so a in many cases a likely result would be that companies would actually take the hit on their profit margins. You know, maybe a 10$ T-shirt would cost 3$ to make instead of 1$. Investors might have to settle for 2% profits to investments instead of 8%.
However I don't see us dialing back that particular clock. For example the old industrialist era truth about specializations still holds true.
Plus there's the issue that the world simply does not need as many factories as it used to. There's just not that many manufacturing jobs to go around anymore.