The Memo by Howard Marks cover image

The Pendulum in International Affairs

The Memo by Howard Marks

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The Importance of Asia in the Industrial Revolution

cheap labor and skill in assembling products permitted japan to rapidly become a major exporter of electronic goods and automobiles. Over time, a large scale shift to china began in earnest around 19 95. Subsequently, the production of low value added goods such as tea, shirts and jens shifted to viet nam, bangladesh and pakistan. As each country benefited from the growth of manufacturing, the supply of labor got tighter and workers became able to demand higher wages. Higher wages in one country caused the mantle of lowest cost manufacture to pass to others.

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