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Labor costs in China are 4% of those in US, but it’s still attractive for Chinese factories to replace people with technology

By Quartz Staff

A link from Andrewmcafee

In a talk I attended the other night, Larry Summers mentioned that manufacturing employment in China peaked in 1996. I found this hard to believe, so did a little Googling. Lesson #1: don’t doubt Larry Summers’s command of the facts.