Wages are rising significantly in the China, India, etc and are catching up. Nobody really knows what will happen once all of the labor that is extremely cheap now is not as cheap. We can conjecture that their will be some upheaval, but nobody really knows what the effects will be.
Wages are rising for them regionally, but the return on labor is lower than it was before. Previously, a laborer working 9-5 could afford a middle class life with a house, car, and nuclear family. Can a laborer in India or China afford that now? I doubt it.
That is great, a true testament to the wealth-creating power of globalization, but it doesn't change the fact that the return on labor is significantly lower than it used to be.
