German workers are going to learn about 'mercantilism' the hard way: they'll lose their jobs.
Germany-based Volkswagen (VW) is considering closing plants in its home country as automakers in the European Union (EU) grapple with a flood of cheap China-made cars that are increasingly making up a share of auto sales in the continent....
Those Chinese cars are not cheap due solely to the cost of labor.
They are cheap because the government of Red China supports their auto industry with huge subsidies. That's called "mercantilism."
Yes, there's more to it. Red China does not have Green Goddess enviro regulations, nor pensions, nor wage & hour laws as does Germany (and the US.) Chinese manufacturers do not have to put up with ninnies demanding equity for women and minorities in hiring and promotions. Health insurance? You're kidding, right? Post-retirement health and social security? Bwahahahahaha.....
In Red China, unlike in most of the West, workers are just another commodity like iron or rubber or Kleenex. Use them once, throw them away.
Which system do you want?
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