来自《耶鲁大学开放课程：资本主义：成功、危机与改革第2集第2集》

the world demographic transition has happened

世界各地的人口过度是相继发生的
in a sequential fashion so there are temporal offsets.

所以会有暂时的抵消作用
Societies that are in Phase IV, low birthrate, low death rate

处于第四阶段低出生低死亡的社会
tend to have a lot of capital

倾向于拥有大量资本
and tend to be short on cheap labor.

而缺乏廉价的劳动力
Societies that are in Phase II or Phase III

在第二和第三阶段的社会
tend to be long on cheap labor and short on capital,

倾向于有大量廉价劳动力而却乏资本
and the dynamic of world trade

作为资本主义重要部分的
which is such an important part of capitalism

世界经济动态
is a way of arbitraging between early and late phases

是一种在人口转变早期阶段和晚期阶段间
in the world demographic transition

套利的重要手段
so that cheap labor maximizes its value

来自第四阶段社会的资本