Similarly, the integration of emerging-market countries into the global economy has brought with it a flood of labor. According to standard trade theory, a global labor glut ought to imply an increased rate of return on capital, which again pushes interest rates up, not down.
同样，新兴市场国家融入全球经济给后者带来了巨大的劳动力。根据标准贸易理论，全球劳动力过剩应该导致资本回报率上升，而这也会推高而不是压低利率。