It seems much less likely to me that this wouldn't have the effect of raising the global south up to the level of the global north, rather than drag down the global north to the global south, which would be a huge win for human flourishing. So I can't say I oppose it.

Just as importantly: If you think this is likely to happen, why not invest in those countries now? If I'm right, they're likely to generate outsized returns as they catch up. If I'm wrong, the money you have invested in the global north will actually decrease as time goes on, while the money you have in the south stays steady, leaving you in a much better position than you probably would be otherwise.