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Posts Tagged ‘Third World’

She’s the world’s wealthiest woman you’ve never heard of and she’s saying something you probably wish you hadn’t: “Gina Rinehart, world’s richest woman, makes case for $2-a-day pay“,the Los Angeles Times reports.

The Australian mining heiress has a problem. The cost of running a mining operation in Australia cannot compete with Africans willing to work a continent away for $2 per day.

There’s a certain elementary logic to Rinehart’s argument. If the two nations are selling raw materials at vastly different prices because of vastly different costs of labor, her operation loses. In a worse-case scenario, it might not even make sense to go on operating. From Rinehart’s perspective, profit is the objective and benevolence is a job — never mind if the jobs she creates fails to compensate workers well enough to keep the lights on. She’s precariously positioned on that slippery slope so common to today’s political and trade debates: It could be worse: no jobs.

The world’s richest woman has a point. But it doesn’t pass the sustainable-future test.

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It’s a presidential election year and by all counts the race is close. There is no question the post-recession recovery has been anemic at best. To call it a recovery is a stretch and the threat of a double-dip recession lingers. Whether anyone can really turn this lackluster economy around is anyone’s guess. Talk of the unsustainable $16T deficits looms large but specifics on job creation remain few.

It’s not just abstract conversation for the nation’s unemployed and underemployed.

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