Knowing nothing whatsoever about international politics/foreign policy, ISTM, if you were to say ‘okay all y’all, it’s a free for all’ it would all balance out given enough time. Sure, there would be an inrush of people from poorer countries to wealthier ones taking mostly unwanted jobs at a lower pay, but with that, it would leave a huge void in those countries creating a buyers market with cheap real estate.
To use the obvious (to me) example, instead of a few Mexicans sneaking across the boarder and working illegally, you’d get a ton of them coming over, working legally for a good wage, but US citizens, at the same time, could move down there since all the empty properties would create either cheap housing that they could buy (and do what they want with) and business would have less resistance moving there, and would probably, I’d guesses, almost be forced to pay a better wage since there’d be less available workers since there’s be less people, in general.
Of course, at the same time, business might not outsource or move due not only to that fact but also because the laborers that they would have otherwise hired are now here (and no longer cheaper).
Something that would need to happen along with this is updated tax/export/import laws to deal with all this. It would probably be time to take a more serious look at tax breaks/credits for major business that move out of the country just because they can save more money operating outside the US and importing their goods.
But, like I said, politics is way, way our of my wheelhouse, so this is just a guess. I could be way off base here.
Basically, it’s kind of like the (theory behind) legalizing drugs. They’re illegal, so there’s a black market, also, part of the reason people use them is because they’re illegal and they cause a burden/expense on the tax payers because they’re illegal. If they’re legalized, the theory is that the tax burden for dealing with the ‘criminals’ is nearly gone, the black market all but goes away and instead of costing the tax payers money, the profit from it.