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To some degree, Gallois points to a real problem. The international air business runs in dollars and when each individual sale is the size of an A380, that's an awful lot of exchange rate variation.

Of course the other thing that Power8 highlights is that the imagined economic model where workers in Europe "move up the value chain" into "hi-tech manufacturing" is just a bust.

  1. RoW is increasingly capable of hi-tech activities.

  2. There's just not that many jobs further up the value chain. Mass employment hinges in large scale production. Building a small amount of "special widgets" to go in that mass production does not lead to mass employment.
by Metatone (metatone [a|t] gmail (dot) com) on Sat Jan 17th, 2009 at 04:13:32 AM EST
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