The standard of living at a time was same for all across the world but then industrialization started and balance of payments was thrown out of the normal lines. Authors claim that it’s just a dramatic stage set by the policies, because ethically who can tell the difference in worth of an Indian labor and an American labor? Perhaps no one because skill doesn’t come tagged with price. Indian labor is known to be cheaper while Americans have the greatest per capita income. Reverting to the mean, India’s real income has doubled while America’s has minimally grown.
The authors further explain that such system has not been borne out by itself but born out of the vices of the people. To question ethically, businessmen, politicians, investors and economists are the richest people on the earth but they pay their expenses with the income of the poor people while paying more and earning less which throws them into ever growing debt and they think they can survive doing so. They buy in debt, mortgage, and then fall out. They access different countries and hand it over to China to pay for the rest. Americans were doing things at an alarming rate and then vanity jumped in between. Americans thought that because they were great, everybody else wanted to be like them and so invested millions in China. They thought that China would pay for them and their wars. China was saving money and working hard for themselves and the Americans were spending, thinking that there might be something wrong in trading with China. The truth was that Americans couldn’t resist all that was there to buy from China and hence, the profits and saving was somebody else’s specialty now.
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