For a long time many believed that there would be an automatic adjustment and counted on a rapid increase in the wages of the emerging nations, on our advances in technology and the costs of transport preventing disruption. But this reassuring analysis is out of date.

Summary

This quote suggests that many people used to believe in the idea of automatic adjustment in the global economy. They relied on the assumption that wages in emerging nations would quickly rise, advancements in technology would offset any disruptions, and transportation costs would remain prohibitive. However, this perspective is no longer valid and no longer provides reassurance, indicating a need to reconsider and update our understanding of the changing economic landscape.

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