But people have been working for a decade and a half to open up global migration of workers, as well as allowing China and others to export whatever it wants at any price (and several other "details", like IP theft of course). When 2 markets merge, prices converge.
What are engineer wages in China, the Phillipines, India, ... ? Oh wait ...
Second: with opening up markets, ... if there is one well-known fact in economics it's that when money can move over a wider area it concentrates into fewer hands. The bigger the markets operated, the fewer rich there are. And therefore, the more "ultra" the ultra-rich are. The shareholder "wealth transfer" seems to me to be this effect playing out.
That explains some of it. And that's with the minimal opening up of borders that has occurred over the past 2 decades (ie. mostly the EU and America, and in terms of population it's not that much).
That's a bit of a question I have for globalists : global average wage is $2000. Not per month, not net after tax. Not actual dollars. That's yearly, before tax, PPP dollars, not actual dollars. (PPP dollars means it's $2000 worth of, say, food (say strawberries or big macs), but it's actually only $400 worth of things like Gold or perhaps more relevant, iPads/Phones, that have global prices)
If one opens up global labor migration, that's the average wage that will be seen worldwide, and that's the expected result. Note: I am NOT saying that letting 1% of people migrate will drop wages like a stone immediately. But it will move in that direction. Nor am I saying that this has anything to do with work attitudes or ...
The "big secrets" about the economy that must be denied because they are thoroughly at odds with policy that we want to pursue:
1) there is a global oversupply of labor. You could pick ~16% of humans worldwide, disappear everyone else, and have almost zero effect on the economy. That means wages everywhere (even in places with dismal wages like Bangladesh) are too high in market terms. And I would like to point out that at least 2/3rds of those 16% work for governments, directly or indirectly, and "if everyone just behaved correctly" we also wouldn't need them.
(and note: this cannot be fixed with minimum wage laws for obvious reasons)
2) The global economy is demand-limited. Producing more goods would NOT result in more sales. We have "everything we want" (in economic terms, that means everything you're willing to work extra for). This means, loosely stated, that the above problem does not just apply to workers, but to companies in general as well.