Still, we live in a much more globalized world than we did before 2008, and the integration of cheap labor from China and other big emerging nations continues to put heavy downward pressure on both wages and consumer prices around the world. It is now difficult for local prices to rise quickly, because if they do, local wholesalers are no longer yoked to local suppliers. They can shop around overseas for cheaper suppliers of clothes or hammers or TV sets. For similar reasons, it is difficult for local wages to soar because producers can shut factories at home and contract production out to
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