Asian mercantilist countries have built themselves up on Western demands. The below chart indicates why their model is not holding up. That’s why I keep emphasizing Korea needs to make the transition in its economic model.
From Jesse's Cafe:
... a chart from the Fed's database that shows the latest information on Labor's Share of National Income, which has declined to new postwar lows.
A greater share of income has gone to those wielding capital. This has not been positive for aggregate demand or the median wage. The extractive efforts of the financial and healthcare cartels are taking their toll, slowly but surely.
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