In 2106 the world will be a much different place. Changes occurring now that are the result of technological innovation require less time, over time. In other words, the amount of time it takes for an equivalent change in product or service improvement will become less and less as time marches on. By 2106 such innovation cycles should be stunning, at least to our eyes. Of course none of us will be alive to see such pace of change but looking back at the state of affairs in 1906 should be evidence enough of this phenomena.
Why does this happen?
The answer is found in an ever-growing division of labor, implementation of technology, and a resultant rise in productivity amongst higher and higher numbers of individuals pursuing economic success. Of course, the fundamental prerequisite for continued productivity and the concomitant increase in living standards is the assumption of private property rights. Without that premise, all bets are off. So, assuming capitalism is allowed to operate and that globalization continues relatively unfettered by bureaucrats such productivity and economic success will occur.
Currently, the total GDP of the world is roughly 41 trillion dollars. The United States produces roughly 12 trillion of this total, or 30%. Our individual productivity is roughly 20 times that of individuals living outside of the first-world. If our productivity remains stable, but the balance of the world (particularly non first-world countries, such as China and India) improves its productivity by 20 times, thus equating to us, it is postulated that the prices for goods and services that we consume will decline by exactly the same amount.
Dr. George Reisman of Pepperdine University proposes just that and moreover that this 20-fold increase in productivity outside of the first-world will occur in 100 years. So, what will happen to us?
Reisman has written a compelling piece describing the world of 2106 in economic terms and makes a profound practical case for globalization, and an equally compelling moral case for capitalism.