We were squeezed from both ends. Now, that was the first conceit of globalization. I think the second is that Cheap labor is fundamentally a crutch, and it's a crutch that inhibits innovation. I might even say that it's a drug that too many American firms got addicted to. Now, if you can make a product more cheaply, it's far too easy to do that rather than to innovate. (11:18–11:24)
CLAIM
Asserts that reliance on cheap labor hinders innovation.
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