What would happen economically to countries if all 200+ countries became industrialized?

Question

How would the already developed nations fair?

How would the newly industrialized nations fair?

Answer 1

Some natural resources would become more expensive, especially oil, but the supply could be increased by developing oil shale and sands at the higher price. If clean technology were used, pollution levels could actually decrease world wide. Conditions in the undeveloped world would show a huge improvement. The additional problems caused by more expensive resources in developed world could be adjusted for with little or no loss in the standard of living. The developed world now has some cost as well as benefits from the availability of cheap labor in poor countries, so if it were no longer available many people would be better off.