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RE: Is Wall Street’s Hiring Of The Smartest Minds Hurting Our Society As A Whole?
Hi @calaber24p
I agree with you 100%
I am in South Africa and we have a similar problem, but perhaps on a different level. We are a country rich in all types of minerals, with a big mining sector, but we have a very small manufacturing sector. (This is also due to most people wanting to study for university degrees, in other fields that manufacturing and engineering. We now export raw products and then import manufactured items at a cost, where the country could have benefited by a manufacturing sector, creating jobs and creating income for the country.
Im not that familiar with South Africa's economy, I must admit, but I think the problem you are explaining comes down to whether or not it is more beneficial to specialize in raw materials and just import the manufactured goods. For example in the US it makes much more sense to just import the manufactured goods from China because if we made them here they would be more expensive because of wages/exchange rates ect. If the labor force is there and in need of jobs then your government need to incentivize corporations to stay and manufacture in your country vs China, Indonesia, India ect. through tax breaks.