Fundamentally, China's economic growth is no different than that which occurred in Britain, later on the continent and US. The industrial revolution's economic success was solely due to the ability to supply industrial labor by the rapid shift from subsistance farming labor to industrial employment in factories and ...
In the global nature of things, economic power is determined by at least two of the following:
- Abundance & ease of acquiring natural physical resources;
- Ability to create & exploit innovation & discovery at a greater rate than others;
- Abundance of an educated human resources supply;.
http://www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/the-united-states-as-number-2
The link describes China's economic & global ascendancy.... saying that it will surpass the US if it hasn't already done so.... making the US #2.
According to data from the ...
It's highest minimum wage is in Shenzehn at $1.30/hr (40 hr week basis on $207/mo).
It's highest hourly wage is in Beijing at $2/hr. (source)
Those are the upper ends of labor wages. The highest hourly wage is nearly 50% greater than the highest minimum wage. If this were the case in the US, then $10/hr average ...