Yes, it is basically a lower standard of living for those that cannot keep up as well as more time spent keeping up by those who are in the middle.
It is simply a slow process. In terms you like to use, you work then you die. Now you just work harder, have less, then you die.[/quote]
This is one thing that economists / analysts never tell even though I am sure they knew it all along. One of the effects of globalization will be that in longer term, there will have to be some sort of equalization of standard of living. This means that those living in one country whose people have a way higher standard of living compared to the rest will have to give up some.
