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But, around 95% of the population of Bangladesh is still living on less than US$4 (PPP) per day, a tiny amount. So, there's a very long way to go.
Great Podcast. On the garment sector (I know only a side discussion) my understanding: buyers don't 'seek lowest wage'. They seek lowest cost for a 
in 
. So costs of port congestion, high interest rates, electricity outages, politicised unions etc also bear down on wages
Yes, that's important correction. Buyers seek lowest costs. And manufacturers and govs often try to achieve that by cutting labour costs. So still a race to the bottom, partly perpetuated by buyers.
Agreed but it doesn't have much explanatory power for B (compared to other countries or possible alternative histories etc ) buyers everywhere, of everything, choose lower price ( for same quality, speed) - firms upgrade in some places but not others
The (until very recently) limitation against foreign owned factories engineered by BGMEA etc seems like a big factor in keeping RMG industry undercapitalised, low in value chain & low wage https://www.thefinancialexpress.com.bd/print/all-clear-on-ud-for-foreign-investment-in-rmg-1505275041 …
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