India And Silicon Valley: Now The R&D Flows Both Ways
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If supply and demand both become global then it follows that wage rates would will also become global. If wages are forced lower in a high cost nation then it would follow that the prices for goods and services would also reduce. In the end a global price would occur.
Yeah, I think you’re right. IT has become a global industry with people all around the world with skills. Companies and outsourcers are rapidly lacing all that together. Now the wage-leveling is starting. If wages come down the rest of economic goods and services will be pressured downwards. I think many skilled industries will follow; standards of living between countries will become less disparate. Welcome to the global economy!