…says Anthony Chan at Alliance Bernstein. The view that rising wages in China herald the end of a decade of ultra-low inflation in the west has a fatal flaw – the value chain.
While China is indeed exporting inflation through its labour intensive export industries, like footwear or textile manufacturing, as China gets better at making more advanced goods, the net effect remains disinflationary.
It seems a pretty sensible logic: while consumers around the world may be forced to pay a bit more for basic items – like those $11 jeans you’ve been coveting down at the local WalMart – there is an upside.
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