Oh yes the global economy lol. If there really was a global economy then all countries would compete on a level field as wages etc would be much the same everywhere. This is not the case though is it ? In fact the so called global economy is way way off balance. Wages vary by a thousand percent, expensive environmental controls on industry vary from strict to none at all, quality standards vary considerably, etc etc. It is often impossible for an industry in one country to compete with a similar industry in another country when for so many reasons production costs vary enormously, reasons which have nothing to do with efficiency.
So I guess you are one of the people who think we can go on running huge balance of trade deficits for ever ?
