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Not really a bad thing. It opens a whole can of worms, but certainly not all bad. The closer third world wages come to Western wages, the less low-skilled Western workers have to compete with underpaid foreign workers. Furthermore, the more goods we can sell them of our own (meaning more jobs in the West). Despite the proliferation of cheap chinese goods, I don't think our standards of living have really increased as a whole in the past 20 years.
Long term they will inevitably rise, and their country will hopefully not need to be so exploitative to compete. We will just use Indian and then African slaves for a bit until their countries catch up too.
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