Namely "telecom", or simply the internet. White collar jobs can be done from anywhere, so Chinese and Indians don't even have to come here to take our jobs.
When I look at my sixties era economics textbook ( Samuelson ) it's evident that this eventuality falls outside the models considered there. Commerce between nations was assumed to consist in the trade of material goods.
In a few years, about 50 million workers will be able to make all the goods the world requires, including food.
Then what will everyone else do?
Invest! That seems to be the idea, but markets are volatile and capricious, especially in the circumstances you outline, where everybody is a capitalist and very few actually produce. Of course, we're seeing this now. Things really are changing fast and I don't think anybody knows how it's going to shake out.
I just hope we don't drift into monolithic world communism, which seems to be the liberal ideal these days. To me it's supremely ironic that liberals are pushing so hard to create the totalitarian nightmare that they always thought they were fighting.
They couldn’t be done in India until the bush clinton and bush governments took our tax money and built an infrastructure, roads and powerplants, fixing the place up so the transnationals didn’t have to spend a penny of their own money.
Before that they had no reliable power supply or commerce infrastructure.
Isn’t it grand out the corrupt in our government use our taxes on earned wages to put wage earners here out of jobs and local businesses out of busines? It is so communist to do it that way!