In fact, Western World (Europe, US, Canada etc.) has built their
economics for the last 50 years, based on cheap work in China
and India.
As George Soros recently pointed:
"From the end of World War II until now, we've been in a kind of superbubble, marked by credit expansion based on the dollar as the international reserve currency. The current crisis marks the end of that era. The United States is facing both a recession and a flight from the dollar. The signs were very much visible to those who chose to see them. Unfortunately, many did not."