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by Symmetry 4541 days ago
It is greedy, but it tends to have good side effects in this case all the same.

When you have a country that starts to industrialize factory owners only have to offer wages twice what someone gets on the farm to get people to migrate from the communities they grew up in to the cities. As the factory owners profit from the cheap labor they spend some of the money on themselves, but also spend some of the money on building new factories and absorbing new labor. Eventually all the excess labor in the countryside is absorbed, and the factory owners have to start competing for new labor by raising wages. This is the same general pattern that happened in Britain then Japan then Korea and China, and seems to be just starting in Vietnam now. There are sometimes variations, such as the fact that rural wages were pretty high in the US due to lots of available land, or the Chinese residency permits system that artificially restricts who can move to the city and so started the rise in wages more quickly than would be "natural" at the expense of the people forced to live in the countryside. But then again the Party knows that its dissent among the people in easy marching distance of it's offices that it really has to worry about.

But getting back on track, even if the companies weren't greedy then creating new factories in Vietnam to create jobs for Vietnamese people jobs would be the altruistic thing to do. The difference would be that instead of dividends they would turn their profits into more investment so as to make development happen faster.