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Content: Migrants and native workers are imperfect substitutes and may even complement each other, as migrants increase aggregate demand for the services of native workers. And migrants reduce the price of services consumed by native workers. Trade can promote wage convergence even when workers do not move. Developing countries with abundant labor export goods intensive in labor, so trade induces their wages to rise relative to rich countries, which have less labor and plenty of capital. The more-than-quadrupling of developing countries’ manufactures exports relative to their GDP from 1985 to 2008 almost certainly contributed to wage convergence, especially in middle-income countries that have typically been the most successful exporters. Numerous studies of the direct impact of trade on wages in advanced countries conclude that the depressing effect is small. Foreign direct investment (FDI) in capital-scarce developing countries can raise the productivity of workers, and thus their wages, by transferring management skills, capital, and technology, and in the process sometimes outsourcing jobs from advanced countries. FDI inflows to developing countries rose from 0.6 percent of their GDP in 1980 to 3.5 percent in 2008. However, over the past decade, total net capital flows (including official and private portfolio flows) equal to 2.6 percent of developing countries’ GDP actually have gone from developing to advanced countries, largely in the form of Treasury bill purchases. This type of investment did not generate jobs directly in advanced countries, but may have reduced the need for domestic borrowing that would have crowded out domestic investors.