Posted on June 8, 2010
Good news from China: after a wave of strikes, suicides, workers are getting a raise
In China’s polarizing economy, where a tiny few have become fabulously wealthy, minimum wage workers would spend half a day’s pay to buy a small Starbucks caffe latte.
To put that in perspective, a small latte at the Georgia and Granville Starbucks was priced today at $3.05. Anyone here tried to get by recently on $6 a day?
That’s the lot of millions of Chinese workers. Increasingly, however, they are winning raises, very large raises.
That’s good news. Their lives will improve. China’s economy will become more consumer, rather than export-oriented. Downward pressure on wages globally will ease. But how many consumers can one planet support?