They become customers for more sophisticated products made in the U.S. Lose an auto parts job, gain a high-tech job.
Many of London's currency dealers have retooled themselves to trade more sophisticated products, such as interest-rate swaps and forward rate agreements.
They say the dynamics of trade with low-wage emerging markets are different: Even some who preach the virtues of free trade suggest China's and India's growing weight and move to more sophisticated products may contribute to sluggish wage increases in the U.S. and a widening gap between job-market winners and losers.
Supporters also say that more sophisticated financial products developed by the banks will spur the demand for carbon credits, putting even more of a squeeze on companies not getting on the sustainable bandwagon.
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But it needed institutional clients in America, every sort of client in Europe, and a wider, more sophisticated range of products.
As products become more sophisticated and require more functionality, more ARM-based processors are used per unit and this trend should continue, particularly as tablets are essentially large smartphones.
His spending program, known locally as the Economic Transformation Plan, is a bid to drag Malaysia out of the so-called middle-income trap, which forces many emerging economies to compete with each other in producing cheap exports instead of developing more-sophisticated, value-added products.
"I was thinking that these products could be something a little bit more sophisticated, younger and more fashionable, " said Mr. Williams.
Many imports from China have moved up-market from easy-to-produce products, such as footwear, to more sophisticated goods, such as computers and electronics.
ECONOMIST: The elusive link between trade and wage inequality
But the new products were usually cheaper and easier to use, and so people or companies who were not rich or sophisticated enough for the old ones started buying the new ones, and there were so many more of the regular people than there were of the rich, sophisticated people that the companies making the new products prospered.
Product companies are becoming more sophisticated at analyzing the total landed cost, also referred to as total cost of ownership, to produce their products.
"Charleston has a sophisticated, fashion-savvy audience, so it's just a matter of making my products more accessible to them, " said Rowley, who was in the city this week to visit her King Street store and promote her latest collection for Belk department stores.
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