Beyond Cheap Labor: Lessons for Developing Economies
The specter of China and it’s massive fleet of low-cost laborers haunts developing economies worldwide. However, for middle-income countries, focusing on cheap labor is not the answer for sustained economic growth, according to The McKinsey Quarterly. Using Mexico as a basis for discussion, this report offers alternative strategies for successful competition. More effective routes to economic development involve transitioning to higher-value-added industries, exploiting comparative advantage, … [ Read more ]
Content: Article | Authors: Antonio Puron, Diana Farrell, Jaana K. Remes | Source: McKinsey Quarterly | Subjects: Economics, International