WhyAmericansshouldlearntolovetherenminbiByDavidPillingUntilrecently,fewworkersinAmerica,EuropeorJapanspentmuchtimeworryingaboutwhytheyearned10,20oreven30timeswhataChineseworkerdid.Whatwasitthatallowed,say,someonestackingboxesinaUSfactorytoearnmultiplesofthewageearnedbyaVietnameseorMexicanworker?Somemayhavefondlyimaginedthattheyworkedharderor,putanotherway,thatMexicanorChineseworkerswerelazyorincompetent.Others,muchclosertothemark,mayhaveputtheirhigherwagesandproductivitydowntotheircountry’sinstitutionaladvantages:itslegalandeducationsystem,anditsinfrastructureandtechnology.Some,perhapssubconsciously,maysimplyhaveconsideredtheirsuperiorlivingstandardsagod-givenright.Notanymore.Ashundredsofmillionsofworkersintheemergingeconomies,especiallywithinAsia,haveenteredtheglobalworkforce,theyhavebeguntheslowprocessoflevellingtheplayingfield.Developingcountriesareimprovingtheirstandardsofeducation,infrastructureandtechnology,eveniftheirlegalandpoliticalinstitutionsstilllag.Incomesarenarrowing.In1990,atpurchasingpowerparity,grossdomesticproductpercapitainChinawas$800against$23,000intheUS,adifferentialof29.Bylastyearthathadshrunkto6.2,accordingtofiguresfromRoyalBankofScotland.By2015itisexpectedtonarrowto4.3.Thisconvergenceshouldnotsurpriseus.Poorercountriesarecorrectingthehugedivergenceinincomesthatoccurredatthestartoftheindustrialrevolutionwhenwesterneconomiesmadeunprecedentedstridesinproductivity.Thatwasanaberration,albeitonethatlastednearly200years.Foraneutralobserverwhowishesthegreatestwell-beingforthegreatestnumberofpeople,thereversalofthattrendisgoodnews.Afterall,hundredsofmillionsofpeoplehavecrawledfromundertherockofpoverty.Backonplanetearth,theviewlooksverydifferent.ThisweektheUSSenatepassedabillthatseekstopunishChinaforholdingdownitscurrency.InTuesday’sRepublicandebate,MittRomney,frontrunnerastheparty’snominee,accusedformerUSleadersofhaving“beenplayedlikeafiddlebytheChinese”.Thatrhetoricechoesrealangeraboutthe“disappearing”USmiddleclass.Unemploymentisstuckat