maybe in the 50s-70s, u cant bootstraps ureself anymore cause no one needs cheap labor no more!
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Prosperity means expensive labor if nothing else!
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broke boys -> cheap labor -> stack money -> expensive labor -> rich boys, etc etc cycle goes on but no more need for cheap manufacturing anymore, train has left the building
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Way too many countries try the cheap labor route and stay destitute for this to be true lol, it wasn't cheap labor which made the USA or Japan rich--it was building up domestic manufacturing and local markets! US abandoned this but Japan is sticking to it
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wouldn’t you need some measure of protectionist policies for this? most poor countries don’t have this no? also i can’t imagine bangladesh or nigeria trying to make their own cell phones or cars for domestic purchase
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Yes ofc you need protective measures USA and Japan both used them
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not wit imf around u cant
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Then u kno wat we mus do
End of conversation
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This is also a common Taleb observation.
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