I went Christmas shopping for my wife yesterday and was looking at some expensive leather jackets. They looked nice. I then looked at the price tag – $360! Then, expecting to see that they were made in Italy or some such place, I looked at the tag and saw “Made in China.” “You’ve got to be kidding me!” I thought. Being made in China, there can’t be any more than about $10 worth of labor in that jacket. Only a few years ago, when these jackets were made in Italy or somewhere else in Europe, they sold for about $250. Now, in spite of much lower labor cost, they sell for over $100 more! Somebody is making a killing on these things! And we’re supposed to be happy with globalization because, in spite of taking our jobs, we can at least get products at low cost?
Needless to say, I didn’t buy the jacket.