In praise of cheap labor :: Paul Krugman

From an article Krugman wrote for Slate in March 20, 1997:

The lofty moral tone of the opponents of globalization is possible only because they have chosen not to think their position through. While fat-cat capitalists might benefit from globalization, the biggest beneficiaries are, yes, Third World workers.

After all, global poverty is not something recently invented for the benefit of multinational corporations.

Read the whole thing.

Hispanic Pundit listed this article in his recent post listing his favorite economics writings. If you are an aspiring economist it is worth taking a look at what he has included.

Thanks to The Eclectic Econoclast who forwarded the link to Hispanic Pundit's post. He adds, "I wonder how many of these most economists have read. My guess: not many." Agreed, and that is unfortunate.

UPDATE: 9 Oct 05. Emirates Today has an article about Philipinos working in the UAE that nicely complements Krugman's arguments.