Shifting demographics are at the heart of their argument. Between 1991 and 2018, the effective labour supply in the world’s most advanced economies more than doubled, prolonging a period of sustained deflation. Leading the way was China, which encouraged a huge population shift, almost exclusively of younger workers, from agrarian-based roles to plentiful jobs in the country’s rapidly expanding cities. Following Deng Xiaoping’s embracement of “Socialism with Chinese characteristics” in 1992, more than 370 million people moved to China’s burgeoning urban areas over the following quarter-century, boosting unparalleled domestic growth and acting as a significant deflationary influence upon the rest of the world.