>However it's not a universal. China has had immense wage growth
Yea, showing transforming economies to established economies isn't really a great comparison at all. You have two huge things happening at once. A massive transfer of wealth from those 'rich' economies building new factories to use the cheap labor. This drops wages in the rich economies by shipping the jobs out. In the meantime the people in the rich economies have to move to service style jobs away from manufacturing.
In a few decades the same will happen with China as it converts to a service economy.
Yea, showing transforming economies to established economies isn't really a great comparison at all. You have two huge things happening at once. A massive transfer of wealth from those 'rich' economies building new factories to use the cheap labor. This drops wages in the rich economies by shipping the jobs out. In the meantime the people in the rich economies have to move to service style jobs away from manufacturing.
In a few decades the same will happen with China as it converts to a service economy.