Series: GDP Illusion

Globalized Production increases Globalized Inequality

This entry is part 7 of 7 in the series GDP Illusion

replacing higher-paid domestic labor with low-paid southern workers helped support profits, consumption levels, and reduced inflation in the United States, Europe, and Japan. Along with the expansion of debt, outsourcing was crucial to the imperialist economies’ escape from the crises of the 1970s.

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Making Things or Clipping Coupons – Which Adds Value?

This entry is part 6 of 7 in the series GDP Illusion

Despite ranking as, size-for-size, the world’s most productive nation, virtually the only productive activity taking place in Bermuda is the production of cocktails in beach bars and the provision of other high-end tourist services.

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The World Produces – US, EU, Japan Eat

This entry is part 5 of 7 in the series GDP Illusion

despite its claim to be a measure of “product,” GDP and trade data measure the results of transactions in the marketplace. Yet nothing is produced in markets, the world of the exchange of money and titles of ownership; production takes place elsewhere, behind high walls, on private property, in production processes.

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“Extract Product from Low Wage Workers” – Morgan Stanley Economist

This entry is part 4 of 7 in the series GDP Illusion

In all of our three archetypical global commodities, gross profits, i.e., the difference between their cost of production and their retail price, are far in excess of 50 percent, flattering not only northern firms’ profits but also their nations’ GDPs.

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iPhone, T-Shirts : Sweated Labour makes US, Germany rich

This entry is part 3 of 7 in the series GDP Illusion

The Bangladeshi factory makes 125,000 shirts per day, of which half are sold to H&M, and the rest to other western retailers. Workers at the factory, 85 percent of whom are women, earn just €1.36 per day for a 10–12 hour shift.

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iPhone, iPod – Apple stealing from China

This entry is part 2 of 7 in the series GDP Illusion

12,250 Chinese production workers received $1,540 per annum, or $30 per week—just 6 percent of the average wages of U.S. workers in retail, 3.2 percent of the wages of U.S. production workers, and 1.8 percent of the salaries of U.S. professional workers

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Who makes the iPhone – Apple or Chinese Workers?

This entry is part 1 of 7 in the series GDP Illusion

What contribution do the 300,000 workers employed by Foxconn International in Shenzhen, China who assemble Dell’s laptops and Apple’s iPhones—and the tens of millions of other workers in low-wage countries around the world who produce cheap intermediate inputs and consumer goods for western markets—make to the profits of Dell, Apple, and other leading western firms?

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