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Part is technology, of course, but also outsourcing of labour to cheap countries (with low currencies) And they did work well those days... I remember that we had a 1982 Sanyo from my in-laws, which worked wonderfully till 2002, and then it was transferred on to my sister in law. Now they do...

I would agree with you globally, of course! But from my personal point of view (with all my assets/income denominated in AUDs) those figures above (USD 4B) may seem smaller in the future. That is, and excuse me for simplicity, If today's AUD 100,000 is worth of 10,000 pairs of high quality...

To my humble opinion most of the Western currencies are overvalued. Overvalued versus what? Versus the Chinese, the Indian and several Eastern European currencies. To my amateurish opinion, the leap in living standards in the West was fueled (among other things) by outsourcing of production to...