Ask Prof Wolff: China's Economic "Model"

A patron of Economic Update asks: "I am wondering, because the Chinese have an essential left wing "government" dictatorship, although they are so far to the left they are almost out of sight, does this mean that the US and global economies will be FORCED to move to the left in terms of their spending plans and priorities,, particularly now that the US dollar has lost its status as the global reserve currency?"
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: / community .
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Learn more about Prof Wolff's new book, "The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself," available now at www.democracyatwork.info/books
“A magnificent source of hope and insight.” Yanis Varoufakis, Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy.
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[@MightyChoctaw]

Spend any time in China and it's clear that it's set to dwarf all other world economies. The pace of progress here is breathtaking. It's unstoppable. I wish the US would nut up and start working with China and cut the BS. There's a new daddy in town.

[@allstarmark12345]

Omg I’m so bullish on China. Like wayyyyy more so than anything else

[@StephanDallaPria]

Stealing all that IP and slave labour has really helped!

[@blueplanethand]

Even though China has been a big creditor nation, many people have no idea China has a huge debt problem. Part of their rapid rise is due to excessive government spending which the Institute of International finance has calculated to be 330% to GDP. Also, as any country becomes more rich, the middle class demand greater freedom, especially in an authoritarian state. This hasn't happened yet, but will likely follow an economic crisis caused by the high debt, rapidly aging population and slower global trade from covid. I agree and am still bulish on China in the long run, but for the next 10-20 years they are likely to slow growth and face major political and economic challenges. The US also faces major political and economic challenges. The only certainty is change will come to both.

[@StephanDallaPria]

@@robertgeller7374 Is that going to be your argument for all China debates? BUT WHAT ABOUT---?! Mate, I am in Africa and I know that blood diamonds (for example) don't end up in the West accidentally and they don't get STOLEN. Resources get extracted by amateur miners and SOLD by local chiefs. Sick and tired of reductionism from communists and whataboutism. I wouldn't talk about regime change - the US is ahead on that count, but China's influence here is growing. As for embargoes, why not come to Zimbabwe and see what corruption and human rights violations has done to that country and then talk to me about the US suspending business activities with that country? No one ever said America is good, everyone knows America is evil, but announcing China as some sort of champion of human rights is disgusting.

[@MightyChoctaw]

@@StephanDallaPria Are you referring to the IP that western companies gladly (and legally) signed over as part of their agreements to access the Chinese market? Or just the straight up IP theft that literally every other nation on earth also partakes in? And by slave labour, are you flippantly referring to low paid Chinese manual workers? Or to the vast network of actual slave labour that is the grotesque US prison system? It is unclear by your comment.

[@deathless3518]

In Purchasing Power Parity (PPP) they’ve already surpassed the US back in 2017. People say the PPP is a better more nuanced metric than GDP.

[@RCaugh]

The US GDP numbers are about as accurate as its unemployment or any other numbers. The US has a serious disconnect from the truth. So who really knows. It’s a fiat economy backed by nothing but debt and clearly declining fast as the government has declared war on its citizens, shut them down, send them home, and eff them.

[@Andrearuch97]

CHINA SURPASSED THE US IN GDP PPP BACK IN 2014

[@matthewsheeran]

In PPP because they keep the majority poor particularly rural and factory workers underpaid. It keeps food and domestic products cheap but means consumers cannot afford more expensive imported foreign luxury goods except the rich minority of course. Remember the income inequality and the gini index is far worse than even the US's.

[@foobar6884]

@@matthewsheeran How much Fox are you watching?

[@tuckert6649]

@@foobar6884 uhm what? Hes literally telling the truth

[@spadeysay6846]

The whole irony of the "rich" western countries and the US regime is that it got ahead largely because of the lootings and loots they brought home from their overseas colonies and "territories" . For the US regime, it occurred as massively at home as well as abroad. The infamous opium trade and war reparations of billions that impoverished China , the black slave trade that devastated the African continent, set back their progress and prosperity for at least 2 centuries. Yet the lootings by those previous colonial masters has not actually stopped. The US regime tries to obtained what it did in the past by its democracy, human rights and freedom wars and imposition, with its western acolytes tagging along with the hope for some crumbs to be given to them. But the biggest financial and economic looting for the past 4 decades is by the US regime; with its USD. It has been living off the fiat USD in everything it obtained from across the world. And it has just put out another 1.3 trillion more of it.

[@hellochung478]

hat off to your speaking out loud the truth..

[@wl415]

kzbin.info/www/bejne/qaLIZYiljJqshdU

[@dc99yt]

Yep, every time the US prints money, the rest of the world has to suffer the consequences too,. Chinese is the major lender as well, as the result, the Chinese becomes poorer (there are more US dollars floating around).

[@guytruth5598]

Mr proffesor Richard Wolff, you are so true on all topic. Thank you very much. You are so good on the job. 👍👍👍

[@franciscofrancesco7844]

Thank you, Professor Wolff. We better start learning Chinese!

[@chriswestwood3289]

I started to research China related information from social media and Internet by breaking the algorithm which keeps feeding me our western media information. When you see the other side of the story, you will be shocked bout how China has been advanced. I'm like living in third world comparing to Chinese Maga cities.

[@wl415]

kzbin.info/www/bejne/qaLIZYiljJqshdU

[@palmpalm5131]

@@chriswestwood3289 The sad thing is we can’t trust mainstream media anymore.

[@alexpodolsky8980]

@@palmpalm5131 i trust them completely to lie. So I don't watch them.

[@tsubadaikhan6332]

@@chriswestwood3289 I watch a lot of travel shows - Just people sightseeing. Our Perceptions of many countries is way different from the reality.

[@johntucker7616]

My wife is a nurse, suffered an awful concussion on the job. To retrain her brain you have been her professor, tx you

[@anonnoone8500]

I've been watching dozens of Chinese provincial TV channels via my satellite dish for way over 10 years. I'm really impressed on how diligent the CPC govt works for the people and how normal people's interests are gathered and addressed. All their policies are people-centered and the govt approval rating by the people is 94% according to a study by Harvard Un. Contrary to what the western world wants you to believe, it's not authoritarian. It's in fact a govt which is afraid of the people! Ordinary citizens have numbers to call and social media to spew out grievances against corrupt and rogue officials, and they'll be investigated and appropriately dealt with. Also, contrary to what many think, China actually has a progressive election system where only capable people can rise to higher positions. For President Xi, he had undertaken 5 progressive elections and had been in 25 govt positions, several of which he was governors of several provinces with each over 100 million people. Also, contrary to many think he's President for life, he can be removed at any time by the same body which elected him for an indefinite term - the national people congress which comprises 2,980 members from all walks of life. You know? Each of these 2,980 members is elected by people in their own professions and ethnic groups.

[@anonnoone8500]

Whenever I post a link of this short video explaining how the CPC govt works and how ordinary people's interests are gathered and addressed, it always gets deleted by youtube. The post also gets deleted when I post the title of the video. Anyway, I'll try posting the title in my next post. Anyone interested may search it on KZbin if it doesn't get deleted. You'll find out the accusation of rubber-stamped govt is plainly not true. It's actually as democratic as you can get.

[@anonnoone8500]

Globalink | Xinhua Special:The who, what, and why of China's 14th Five-Year Plan

[@palmpalm5131]

Thanks for posting it. I will check it out.

[@everythingandmore5537]

The lowest rung of the system is a "district" or "precinct " elections. Under the Chinese constitution anyone can stand. However there is a ccp body that restricts number of candidates per "district". In reality only the CCP candidates can take part. After that all the various levels are stage managed by the Politburo. The Politburo consists of 25 members. The Politburo elects 11 of the members to run China. There is the standing committee. Xi was elected by the Politburo. When a Politburo member retires he will nominate his friend to take his place. Ordinary Chinese have no say in anything about poltics. As long as China makes money the system survives. If there is a major economic crisis the CCP will be gone.

[@anonnoone8500]

@@everythingandmore5537 You are not talking about facts. You are just using the usual conjectures like it's staged, it's managed, he appoints the next leader, people have no say.. Blah blah blah... It's progressive election where capable people are elected by their peers. Ok? No way a reality show host, an actor, a good orator, or someone with no prior demonstratable governing ability can ever become one of the top leaders. You can keep your system and keep feeling you have a say in voting your leader, ok? Just stop pushing your system into other countries through regime change so that you can put in your puppets in the so-called "democratic" election, ok?

[@dunkelmonkey]

The Belt and Road Initiative is the most important program since the Marshall Plan. They exert influence worldwide through the means of improving infrastructure rather than dropping bombs. We could learn a lesson from our own past. We won the *war* in Europe with weapons, but we won the *peace* in Europe with the Marshall Plan

[@lucapresents4790]

nice reference to the UK labour party there with the 'win the peace' line

[@wl415]

kzbin.info/www/bejne/qaLIZYiljJqshdU

[@atomiccritter6492]

as if Europeans had much choice. I like how the Marshall Plan is viewed as some act of charity

[@rattylol]

Russia won the war in Europe, with men. That is why you had to portray them as the enemy of the world when its really the US.

[@sianstpaul1349]

After the pandemic, make a trip to China and see yourself the China that you don’t see on media. I am sure that you will be amazed by its prosperity, infrastructure and cultural diversity. FOOD too.

[@willnash7907]

China is not "the shiniest parts of the big cities accessible to tourists". Don't forget that the open meat markets that produced the virus was a result of deprevation and neglect of a very large rural population. The government is happy keeping hazardous small-time hunters on a subsistance level if it means it can instead funnel it's funds to the powerful oligarchs that keep it in power. The mechanics of dictaroship include a social contract in which the poor must not have too little but can't have enough.

[@rap3208]

@@willnash7907 Open markets in China or Asia won't ever go away because it's what they want, they want fresh produce or meat/fish. You guys want otherwise, they're not preventing you. But don't impose your wants on them in return. And no, the coronavirus didn't come from that market, nor any other virus of the past came from wet markets.

[@willnash7907]

​@@rap3208 Open markets exist across the world particularly in areas only recently developed or that had historically remained rural and sparse in developing. Hardly exclusive to China or Asia or any continent. I haven't heard one person argue against them as a whole, you have to be muddying the waters to pretend that's the issue. However, there is a reason why these areas have been repeatedly singled out, often even by the dictatorship's own agencies or those under it's influence. They completly fail in health and safety and unlike less dangerous similar markets around the world that are likely to fly under the radar, the massive scale and focus on meat and flesh creates the ideal conditions for cross-species transmition. After all the leading theory at this time is that of bat to uknown intermidiary animal to human transition. This is in effect, the perfect "plague factory" and a danger to the entire world but principally to the people shopping from such markets. If it's failures are big enough to produce multiple rare diseases I can only speculate how many millions it has afflicted with disentery or other less flashy ailments. This in regards to the entire system that maintains such markets legally and fiscally. I find it odd and creepy, suggesting that there is a neat "us guys" and "them in Asia and China" who just want different things and the idea that the proposed solution would be imposing what we want on them, as if we are talking about a bloody imperial administration and it's native subjects. First of all, I actually rather like open markets and I get my veggies from there and I quite like them being regulated too so I know that I can buy things and feel safe about eating them. I can't be the only European to feel that way. Secondly, I would not go on assuming what people in Asia or China in particular want. First because that's a few billion people and second because the latter is an unelected dictatorship and their consent is simply never asked for. The assumption that "them Asian slash Chinese must want what their government wants" sounds to me harmful as well as racist though I wouldn't accuse you of it before I heard it spelled out. What I'd ask of their government is no more than I'd ask of my own. Safety for consumer and worker, proper legal system of health inspections and an administrative comission to enforce them and an independant inquiry into the development of deadly diseases in my own back yard. Potentially also as a long term gain, the lifting of people out of poverty that often leads them unwilling into the life-cycle of these unsanitary spaces and the financial support through any strain this transition to higher standards could cause. After all, dumping people into scanaving or small-time hunting is easier for the government than incorporating them into the labour force but that does not mean it's right. As an internationalist I do not feel any different asking for these basic measures on the behalf of fellow humans across the globe rather than those next door. I can't imagine that any of them would object to such a plan, but if they were to, I would rather hear it from them and not from the governing body that profits on their blood and sweat.

[@rap3208]

@@willnash7907 So what's your point? You basically repeated what I just said, Open/wet markets are common.

[@willnash7907]

@@rap3208 Yes and they well don't have to be health hazards or dumps for human lives that have fallen from the cracks of the fiscal system of the state. In cases where they menace global safety they are as much of an issue as a nation dumping nuclear waste on the oceans or randomly invading it's neighbours.

[@mikeyu3243]

The Chinese has finished the job while the two parties of US are discussing the project name.

[@pnachtwey]

Meanwhile private industry marches on. Take SpaceX for example.

[@Kiyoone]

and they do not have a solid project...

[@palmpalm5131]

There is a TED talk by Eric X Li : A Tale of Two Political Systems. It explains how China’s system works. It’s a few years old but I think it still applies. China doesn’t think their system should be exported/copied by others because they believe their system is uniquely theirs. They just don’t want other countries to impose their own system onto them. If their system works for them, just let them be, let them live. America should focus on improving its own system instead of forcing their system onto other countries.

[@raylopez99]

Except for the South China Seas but yes.

[@raylopez99]

...and Taiwan. And HK. But yes.

[@vichitvideo6041]

This is a realistic and practical suggestion.

[@spadeysay6846]

Why any country would choose to follow the US regime's system of government would be a complete mystery. It is a failed system that has impoverished more of its citizens that enriched them, a war mongering system that has destroyed more countries and lives than any in history, a system of government that is exemplified by the character of Mike Pompeo, which is to LIE, CHEAT and STEAL,.

[@raylopez99]

@@spadeysay6846 Prove you're not a paid China CCP shill in the 50 cent army by simply typing this phrase: FREE TIBET. Go on. If you type this phrase, I'll believe you're not a paid shill and take credibly what you say. Go on, do you dare raising a red flag? Type those words Spadey Say in reply to this post.

[@Robin____]

I am from Europe. I really like this guy!

[@martymadrid8950]

China has the number one economy in terms of prosperity meaning their currency goes a lot further in their own country than any other country. If anyone wants a more in depth discussion on their economic model, i would recommend discussions from michael hudson and david harvey who are both advisors to the country

[@johnroesch2159]

Advisors to fascists. Communism, Socialism, Marxism, and Fascism are all varents of leftwing socialism and are all evil!

[@KissatenYoba]

@@johnroesch2159 nah, China's going to lobby and designate western democracy and unbrindled capitalism as the evil in the UN. Cope and seethe :)

[@theodorevibritannia7988]

@@johnroesch2159 Man, I literally cringe at what you said since it's so fundamentally wrong that I don't even know where to start.

[@KeepingTheIronThroneWarm]

@@johnroesch2159 Incidentally, fascism, which is the merging of the State with the Corporate, is precisely our situation in the U.S. (and the West in general, to varying degrees) and that's not because of the Left.

[@johnroesch2159]

@@KissatenYoba More bullshit from Marxist, Communist, Fascist pukes like you!

[@yaoyuzhu2392]

It is not possible for the west to learn from China. Due to historical reasons, the western world fears a strong government, but we Chinese fear that the rich people controlling the country. We had a strong government for 2000 years, and nothing has gone wrong.

[@yaoyuzhu2392]

@Edgar Miller That's true. In fact, there are many times China was broken into pieces. But compared with 2000 years of unified history, those time zones can be ignored.

[@yaoyuzhu2392]

@TheDrewSaga That's possibly another evidence that the Chinese model only works for China, other countries who use the Chinese model may end up with dictatorship or warmonger. Chinese don't like to export ideology, and we think every country should seek its own model.

[@everythingandmore5537]

Maybe it's time that Xi is crown the emperor of China. He will start the Xi dynasty. The CCP becomes the mandarin party of china. The membership of the mandarin club is given only to the best in china. Dr Sun and his deputies Mao and Chiang worked 24/7 to get rid of Manchu dynasty and the Mandarin upper class. Mao must be turning in his grave.

[@theodorevibritannia7988]

@@everythingandmore5537 This is why I said current China is literally feudalism with a state-owned capitalism economic model. They were not communism since the very beginning by giving all power to an individual (Mao Zedong) and especially not now. The real person turning in his grave should be none other than Marx.

[@everythingandmore5537]

@@theodorevibritannia7988 Real change only can come if the CCP allow free and fair voting at the "district" level with unlimited candidates. If we follow the present Chinese law.

[@yoyomen8913]

Prof. Wolff are one of those with sharp and clear mind

[@user-li4xn6gm1f]

Very sharp and clear analysis of Prof Wolff !

[@soloist7880]

Their massive 30 years of economic boom is due to their ability to draw the line between democracy and dictatorship and also their policy of mixing both the ideology of socialism and capitalism

[@himinghii1597]

The Libertarian Model is more of big business involved in government affairs. Just look at what has happened to Hong Kong since 1997 until recently.

[@CJ_102]

Thank you sir for these brilliant vidoes and for creating a platform for this discussion.

[@alexanderpo185]

Well analyzed, explained and clearly presented !! Thank you!!!

[@skapunkoialternativeliving6522]

Like I said before the world is changing wild China standard of living is growing America is the opposite it's going down fast more and more people are becoming homeless people in the country in the world begging for free food more mom American Street and being evicted.. while Chinese people are Rising.. the only thing that keeps America together is that everybody uses the American dollar but that too is slowly changing..

[@levelazn]

AMERICAN gdp GREW 6 TRILLION from 2010 to 2020. Its not declining. its just not implementing the balanced tax policies that is leaving many out of the growth.

[@littlemswolf]

@@levelazn I would add it is more of the rich getting richer. It is not the middle or poor getting more money, better housing or more food. There is an increase in the gap between the two. At some point the poor will not be able to buy food, pay their rent, or afford anything. This is becoming a problem for folks like who like me are in that category.

[@levelazn]

@@littlemswolf the anti China propaganda is a excuse and an pivot away from domestics issues that are caused by policies setup by the the us government. China didn’t allow Amazon to pay zero federal taxes. The lobbyist did that.

[@Kiyoone]

it is a sad thing to see... unfortunately.

[@skapunkoialternativeliving6522]

@@Kiyoone isn't it

[@augustinepan7991]

Well explained and matching what I had experienced having a business in China.

[@chiliztube]

Thank you!

[@88eclhome71]

China don’t care if they are no1 or no195. The only thing they want, Is to be left alone in peace and progress at their own pace and for their citizens to have a better life. A lot of the older generation can still remember the hardship they had to endure just to survive. China will no longer be bullied as they had been in the past, no more being carved by the west, no more massacre of its civilians by imperial power. Only the US is so obsessive being no 1

[@tuckert6649]

They will be the bullies of the world and replace the USA... the USA replaced Britain and so on... its just another imperialist nation in the world stage

[@SuperThumpasaurus]

You can't possibly be that ignorant. If all they want is to be left alone why do they still assert dominion and control of Tibet & Nepal? Why do they subjugate multiple ethnic groups like Uyghur, Tibetans, etc.? Why do they suppress freedom of the press, speech, religion, association, economic, political, and sexual identity? Why are members of the Chinese LGBTQ community persecuted? Open your eyes!

[@petestanton1945]

as part of the BLPM (Big Lie Propaganda Machine) per Jeff Brown channel

[@SuperThumpasaurus]

@Kamasutra Poetry ...OFFS...how can you sit there saying China is above reproach when they put Christians and Muslim's in concentration camps, one of which was across the damn street from where the live action Mulan was filmed? China still ranks near the bottom of every personal freedom indices in the world. They still enforce the "one child" rule. As of October of 2020, 39 nations have called for intervention in China's treatment of Tibet, Hong Kong, and the Uyghur. Pull your head out. India has an entrenched caste system while China still puts people in concentration camps for thought crimes. China has presided over the biggest genocide in history, you know, the Mao Zedong Great Leap backwards that killed at least 30 million. Any way you look at it, China places little value in individual lifespans. In China, life is cheap.

[@rlai2201]

@@tuckert6649 Don't make any assumptions but all I can see is the axis evil empire of the West dictating how the world should be or how China should run their own country. For God sakes... the United Snakes need to STFU and ask them to run their own country better and stop pickering and meddling with other pplz business

[@user-mhgu6om9mj2t]

Great video Prof Wolff. Thank you.

[@kobemop]

well china does have a large population and the only country that has the potential to catch up to china is india. but however theyre government needs to be more involved in the economy, if they want to catch up to china, but will take decades upon decades. no other countries can compete. china in the past had the worlds largest economy and theyll gain back their spot soon.

[@wl415]

India will never come close to China as long as they follow in the western footsteps.

[@theallseeingeye9388]

@@wl415 agreed. Especially neoliberal capitalism.

[@kobemop]

@@wl415 yep thats the truth and in one quarter last year their economy contracted by 33%. bourgeois nationalism and neoliberialism sure didnt work for india. when they had a socdem government years ago it did a lot of the heavy lifting that the neolibs fail to do.

[@user-gr5mz8hq2s]

if india keep going on its current path, the world will welcome more less a dozen of new countries in 30-50y from now. 😁

[@donkeykong516]

India isn’t a nation, cobbled commonwealth determined by Britain colonialist

[@Gigika313]

Thank you prof Wolff.

[@888Gypsy888]

The way this country treats it's citizens is outrageous... We won't have a nation for long!

[@iamhe999]

who ever you are in America there is a well established group of anti-social bigots that hate you and seek your demise.

[@Kiyoone]

Oh yeah, and 94% of them must been "brainwashed" to want that "regime"!!! Wake up 888, your capacity to interpret the world has the limits equivalent to an ameba... OH!! I see... "gypsy" is a reference from "Gypsies" that is a bunch of nomads AKA "Romanis" that lived with no laws. His(or her) ideology is stamped in its nickname. It is that or it is a stupid teen tv show "Gypsy" - Jaypissay that was aired in 2017...

[@wtan1851]

Historic class conflict, land reform, autonomous elite, elite beliefs (of developmental state, not laissez faire), build state capacity, transform economy (low wages, FDI, massive infrastructure improvements, exports, stable currency, state-owned enterprises), and redistribution to avoid social unrest. It differs from the West in being a transformative state with considerable autonomy from different groups (classes). One risk is that elites may look after themselves, as in many poor countries. China deals with inflation differently because of the huge trade surplus. It issues bonds to soak up domestic RMB, and invests in quality assets, particularly in the US. Hope it helps. Listening to Prof RW is always refreshing.

[@raylopez99]

Sound commentary. Usually an old man clings to the past but Prof. Wolff avoids that trap.

[@merbst]

🇺🇸☮️🇨🇳 (We must maintain peace between the United States and China!)

[@wg9830]

Please tell the USA is not so bad being number 2

[@nancypoopongpaibul5642]

Excellent responses. Very powerful opinions. Thank you. Dr. Wolff.

[@skapunkoialternativeliving6522]

If America crumbles it won't go down in the way of the Roman Empire you'll still be around but it'll be like its mother country England England is still Rich today but it is nothing like it used to be.. that's America's future..

[@skapunkoialternativeliving6522]

@Edgar Miller that is so true that's how I feel right now that's why I'm a separatist I don't care for America or any other country to be honest with you it does nothing for the people anymorem ..

[@skapunkoialternativeliving6522]

@TheDrewSaga that's a good point you're kind of rice actually that make sense what you just said you don't think America will become like England and we harder..

[@petestanton1945]

@TheDrewSaga "Hanging on in quiet desperation is the English way. The time is gone; the song is over." Pink Floyd

[@wl415]

Says the guy who knows nothing about China.

[@yikxdf991]

It'll become like Brazil

[@dimitristsagdis7340]

Korea (that is South) was the first one to use such model and become a developed economy.

[@Aggelostououranou]

South Korea, just like Japan, Germany, and the entire Western Europe received massive help and funding from the United States.

[@yaoyuzhu2392]

Actually, the only country which uses the Chinese model is Vienam. South Korea is like several megacorps controlling everything in the country.

[@Aggelostououranou]

@@yaoyuzhu2392 Exactly. South Korea is modeled after the west more or less.

[@dimitristsagdis7340]

@@yaoyuzhu2392 it is like the China model in the sense that they were once poor with an authoritarian government pursuing state capitalism investing in technology and education, export-led growth and they have now now become an advanced economy.

[@dimitristsagdis7340]

@@AggelostououranouNot all Western Europe received massive help and funding from the US.

[@joshparrott8841]

"We now have techno-feudalist socio-economic system" - Yanis Varoufakis

[@deathless3518]

That idea is actually from Mike Hudson and refers to America who’s engage in financial capitalism versus China’s industrial capitalism

[@Gigika313]

@@deathless3518 it’s all capitalism.

[@clarestucki5151]

Josh Parrot That's a Greek term for "Mumbo Jumbo".

[@Kiyoone]

@@clarestucki5151 nope. you are forced to watch ads in your computer? you are connected to the internet? have a credit card? have done a shop in the internet? yes? YOU ARE PART OF THIS "Mumbo Jumbo".

[@a-certain-one]

Often I regarded China as the useful embodiment used to make us feeling threaten by an external enemy. The old tactic. I'm not sure whether the astounding growth of China has gone beyond what was expected or I was just wrong. Maybe both.

[@user-dj3lo4iw2f]

China's growth can impact other countries negatively or positively, but it is a market economy. China does not want to be enemy with anyone else and does not push “model" to other countries. CPC itself suffered a lot when it tried to copy Soviet Union model in fighting Nationalist Party in early 1930s and it turned out to be a disaster and it caused "Long March”. China today says the policy of socialism of Chinese characteristics. That means China can be a socialism country but is not shy of taking any other ways that could work in China. That means China does not care too much about ideology. That's why 80% of employment in China came from private businesses. China also believe other countries cannot copy Chinese "model" since China went to through a revolution stage. Many of those changes paved the way for reform.

[@Hirnlego999]

To me it suggests that a lot of our tactics in the west are shortterm. China is more in for the marathon.

[@monophthalmus3254]

@@Hirnlego999 This is what happens when we have a country ran by special interest groups.

[@Hirnlego999]

@@monophthalmus3254 Yeah, the super rich

[@PresidentGeraldFord]

Libertarianism can refer to Anarchism or even Libertarian Marxism.

[@jeffreysteelman8583]

Dont do that. Dont dilute marxism with that bullshit.

[@PresidentGeraldFord]

@@jeffreysteelman8583 well, I am not a Marxist and I do agree with you that Marxism implies having a centralized nation-state.

[@wl415]

Ew

[@PresidentGeraldFord]

@@wl415 👍🏻

[@Fluxquark]

I wonder how similar China's economic model is to the protectionist models European countries and the USA used to grow their economies (before they were economically dominant and transitioned to "free trade", e.g. securing markets abroad)

[@deathless3518]

America and Europe weren’t 100% protectionist. It’s always a mix depending on whether a certain industry is confident it can dominate. Fun fact the liberals were the free trade people who engaged in all forms of immoral behavior like trading in slaves, paying workers slave wages, child labor, dangerous factory conditions, etc. you know all the shit America projects on China today

[@Fluxquark]

@@deathless3518 Yeah they were protectionist for the industries they still had to build up but of course imported things (especially raw materials). Another fun fact: Most modern conservatives are also liberals (economically) since they favour free-market capitalism with limited government intervention. Yeah Western countries accuse China of the same stuff they did (and are doing) to a far greater extent with the implicit aim of starting a new cold war. Of course some of these things are happening in China and labour conditions are pretty harsh there but I ignore 99% of what Western media outlets say about China since it's such obvious propaganda.

[@limitlesssky3050]

@@Fluxquark it's not the working conditions of China that are harsh, but the entire East Asians working conditions are ultra competitive, even for low skilled menial jobs.

[@rolyars]

@@limitlesssky3050 Anyone doing unskilled work has virtually unlimited competition. Left unchecked slavery-like exploitation is almost bound to happen, because companies have to compete for production and profit. In the West this was also the case but eventually solved by unions standing their ground, acquiring rights for workers. However, what companies did eventually is continuing this exploitation on a global scale, outsourcing production to countries where workers do not have rights. Maybe if we didn't pretend to be preoccupied by all kinds of bourgeois woke issues we would recognize this system of actual exploitation.

[@Sandler23]

China is just doing what the US did all through the 20th century and thats printing and lending out money to developing countries (and developed ones too). China is also securing resources and buying foreign currencies, sending its citizens to foreign universities, buying assets and expanding its trade markets.

[@willjennings7191]

I don't think it makes sense to talk about the Chinese economic model without first mentioning the concentration camps in Xinjiang. You have to consider that there is a huge part of the Chinese balance sheet where value is calculated differently: wills, trusts, and estates. It's not wrong to say that they have money, but the problem is that no-one wants to live there, because their last will and testament might be valued by the officers of a concentration camp. It's sort of a bubble, like with Nazi Germany.

[@AndriyTyurnikov]

Dear sir, so called "libertarian economies" are simply non-existant in the real world. First world democracies do rely on substantial role of state in re-distribution of GDP an on complex international trade deals and alliances.

[@amindra963]

Singapore's Model ! a gift from Lee Kwan Yew.

[@rolandneo5563]

Singapore Model has impacted Deng Xiaoping follow through by XJP making China's Dream. Lee Kuan Yew's legacy is a footprint in this part of history

[@quoc28mytube]

Chinese helps Chinese.

[@hsingholee1058]

The Chinese economic model is a good fit for China, it will never work for the western civilization. I've always believed that there is no best model only the appropriate one.

[@Kiyoone]

they prefer to say that is "EVIL" than see and learn WHY it worked so far for them... but no, they say it is "backwards" and the people have "no human rights"... those poor people does not know what are they talking about...

[@demetridar506]

Actually, Japan had accomplished very high growth rates in the late 19th century and early 20th, and then after 1945. Don't know if it is similar to China in terms of percent growth, but it is probably at least close. Again, Japan had a very state controlled system. Even in the 1960's-80's, Japan's economy was very much planned centrally, despite been described as a "western economy". It never really was. Many Asian countries, including Korea, Taiwan, Singapore, and even China borrowed a lot of elements from the Japanese model. Given that Japan was very much connected to the USA, the USA was able through pressure to dissolve much (but not all) of the government controls, but not all. Thanks. D.

[@wl415]

Japan is crumbling, from their hostile capitalist working system. China’s growth rate has been faster than any other capitalist civilization. You should read “2050 China” it’s for free with the PDF version. This will help you grasp what exactly China is doing and their goals for the future.

[@demetridar506]

@@wl415 Yes, you are talking about now. But you also said that this growth rate is unprecedented. In the past, Japan showed similar signs. Now, they have huge working age people shortage, and have compromised their old system due to pressure from the USA. Also, once you become rich, you lose the motivation to sacrifice everything for growth. Thanks. D.

[@user-gr5mz8hq2s]

small correction, taiwan is an island's name, not a country.

[@demetridar506]

@@user-gr5mz8hq2s Thank you for the correction. It is of course based on how one defines "country". In theory, Taiwan belongs to China. But Taiwan's policies were more or less independent from mainland China, so it was / is practically a country. By the way, I can read some of the characters in your youtube name. The second is circle. The fourth is death. The fifth is "all". The fourth is house. Not sure what the whole thing means though. (learning Japanese!)

[@stephanierogers3219]

You described the economies of the UK and USA as laissez faire. While this is certainly currently true, I think for most of the UK's history it could more accurately be described as 'mercantile'. The model was to import into Britain itself agricultural products and other raw materials from the empire and elsewhere, manufacture them into finished products, and then re-export them. All the so-called 'high value-added' work was done in Britain itself, which produced an enormous terms-of-trade advantage. The UK's economic dominance during the mid 19th Century was almost certainly unsustainable in the long term, being as it was based on technological and early adopter advantage, but in my view the relative decline was hastened by the UK's move towards a free-trade position. Moreover, the UK has always suffered under two perennial disadvantages (namely low population and scarcity of land), which the USA does not. The USA might then be expected to be more successful in converting temporary advantage into a permanent one. Unfortunately, it seems to have been hoodwinked by financialisation (which has value only as long as everyone believes it does) and (more incredibly even!) has voluntarily de-industrialised itself. An interesting thought experiment might be to consider what the Chinese economy might look like today if the USA and other Western countries had imposed from the 1980s onwards cripplingly high tariffs on imports of finished goods from China. It is certain that inward investment into China would have been much lower - perhaps it might have been curtailed entirely. In our history, multinational companies moving factories from the USA and Europe to China helped to greatly accelerate the pace of industrialisation in the latter and brought significant technology transfers. Without this, China would likely not have enjoyed such high growth rates as it has in our history. My conclusion is that the apparent success of the Chinese economic model can be attributed as much to Western strategic mistakes over the past 50 years, as to any inherent advantages it might possess.

[@pliniablue1473]

And who wants a world with such a frantic manufacturing pace to keep creating wealth that will suck up everything around. To be honest I do not see it as a model economy or as model society either and sincerely hope it does not extend too much. We need a reset to a much more harmonic way of life, within ourselves and with Nature too and find an economic path that will permit so. We do not need economic supremacies; we need economic cooperation and complementation. And at least I, would never grant a government such absolute power over the rest... just the thoughts get my Spanish blood boiling.

[@mottscottison6943]

Depends on how you see it. In the 'imaginary' USD, China is not there yet. In PPP, China is already the world's biggest economy since 2014. It is plain obvious, best infrastructure, biggest trading partners, biggest middle class, biggest manufacturing and consumers, biggest green energy, biggest tech innovation. US is long gone as the big corp focuses on profits.

[@erich623]

Richard, China is the fastest growing major economy, not the fastest growing economy in the world. Chinese GDP growth last year was technically infinitely larger then the US growth this year.

[@dankjust0601]

❤🇨🇳❤

[@livondiramerian6999]

Economic growth doesn't mean that all people are in good state because growth also brings non growth. Control eliminates creativity. Vertical economy isn't the best economy.

[@DebatingWombat]

While there are differences, China has basically adopted Japan’s export led growth model, though China is now in the process of adjusting somewhat towards internal demand and, for obvious historical reasons, can’t and won’t credit Japan as the role model. This was emphasised by the late Chalmers S. Johnson almost twenty years ago and still seems to hold true. Also, it is largely a myth that US and British growth was based on “laissez faire capitalism. Witness the heavy intervention of the British government by force, including through such quasi government organisations as the East India Company, as a huge customer (particularly the Royal Navy) and capital supplier (Bank of England), as well as market manipulator (from the destruction of Indian cloth production, the pauperisation of the Irish peasantry and the highland clearances to the opium trade in China). Similarly, note US government’s heavy use of subsidies, first through grants of land, later money, privileges and market access, as well as the implicit or explicit threat of military force.

[@ianboard3555]

All this quibbling about who has the worlds reserve currency or the largest GDP is missing some important points: which country is able to get things done (build a skyscaper, special covid hospital, high speed rail, etc...)? which country spends all of it's time arguing about stupid stuff and calling each other names? Which country has launched huge international economic initiatives? Which place is the 'happening place to be'?

[@rolyars]

I do believe that control over the economy by the government (or rather by the people!) is necessary for more equality AND more progress. However, there is one vital part left out of this explanation of the Chinese model: it is almost completely based on the Western outsourcing of production and it's hunger for commodities. The West just brought 200 years of industrial revolution after China opened up. Of course it grows very fast, it's not a fair comparison. What should worry Marxists a bit more is that this construction was also used to continue exploitation of workers on a global scale after the workers in the West acquired some rights. Nevertheless, the Chinese do claim to have a plan while the West is just trying to keep the house of cards from falling in order to protect the interests of the 1%.

[@a.shikatoswu5400]

The world must follow Chinese economic system rather than free market with sanction.

[@trijitbasak1147]

Prof. Wolff I would like to know about is Chinese economy achieved a socialist society or they achieved state capitalism through the lens of class focused approach.

[@johnniewalker7628]

In world bank PPP terms, China is largest since 2014. US dollar will be world's reserve currency for decades to come.

[@jiezhang3288]

In China, we call it state run system, 举国体制. It allow us to have the abilility from fight financial crysis and pandemic to hold olympics

[@niveajones6400]

可是奥运会对中国有好处吗？

[@jiezhang3288]

@@niveajones6400 不同的人有不同的看法，不同的角度去看结论也不一样

[@asdf3568]

I see the US dollar declining rapidly. Either by massive inflation or hyperinflation.

[@theYoutubeHandle]

the worst plan you can have is not having a plan.

[@mottebailley4122]

Something that Professor Wolfe leaves out in his analysis-China has a fast approaching demographic winter, as its population will start to decline around 2027. After this point, it’ll go the way of Japan and have an ever-growing number of elderly people to take care of. Ironically enough, this is entirely the result of the Chinese government’s own actions-it instituted a one-child policy, and now has been unable to encourage people to have more kids.

[@relevantstuff7315]

I think they can resolve much of this problem with automation and artificial intelligence to take over many jobs.

[@willieyz]

I dont think this demographic model will turn into reality. It is an alarm that stimulates China to start policies to encourage population growth, or increase government subsidy to help young couples raise children, etc.

[@mottebailley4122]

@@willieyz Thus far, the incentives being used in an attempt to stimulate population growth have largely failed.

[@mottebailley4122]

@@relevantstuff7315 We’ve been automating since the industrial revolution, but that hasn’t prevented us from needing a robust labor force. All signs point to the fact that China’s population will get old before it gets rich.

[@RP-fo3bc]

I'm old enough to remember when they said the same thing about Japan when they bought the Empire State Building we proclaimed it was the end of the USA. wrong!!!!

[@Kiyoone]

Sir, China isn't small like Japan and it is not an tiny Island that took 2 atomic bombs from USA in the WW2. Just remembering you... Its size is like USA. The biggest advantage: being in the MIDDLE of the worlds geography (logistically speaking)

[@ricktrogdon2332]

really don't think people will like a one world government in the end.

[@enkilm]

China has apartements that no one has occupied,poisoned lands and an overheated economy and a poorly paid workforce, the government can spend, but the populace cannot outside of the country,the remibi is still artificially pegged to the dollar and if left to float will fall,that is why it is high.

[@anwiycti1585]

Is it debatable to call it a successful model, or a dangerous one heading implosion? Please be reminded that Deng had postponed a major part of the reform so the country gets to what it is now. Hard to imagine a C empire after B and A, how would the world fair itself moving forward ?!

[@vchanpe1]

China's government is similar to a Fortune 500 company. A CEO is elected by the board of directors (Senior CCP members) and the workers of that Fortune 500 company has "no say" whatsoever on who the CEO should be. The CEO has to be "competent" and have a history of success on his resume. Similarly the head of China is usually a provincial governor with a history of success as a governor. Socrates in Ancient Greece warned about the problems with democracy: The top leader in a democracy is elected by ordinary people and the top leader may NOT be the most competent. In the USA anyone can be President and that is a major problem. I suggest only a state governor with a history of successful leadership in his or her state should qualify to become president. This will screen out incompetent candidates and voters can review that candidate's resume as a governor.

[@paulvandijck6476]

I am a Dutchman living in France. What really disappoints me is the merciless acceptance of most western people in claiming the right to wage war after war. The arrogance of western supremacy is mind boggling. The misery, the killing, the destruction, the hunger The West/NATO has caused and still is causing is horrible, shameless and perverse. The injustice "we" cause to millions and millions of innocent people is pure EVIL! Many people have lost compassion for their fellow men. This is what greedy and perverse materialism creates! But...if one observes the signs well, the time is turning against The West.

[@BenjaminDavis104]

A totalitarian government is more effective at creating policy and enforcing it for a more efficient economy. We’ve seen this throughout history in autocratic governments because it’s more efficient to have a singular vision. What people are not seeing is the working hours put in by the Chinese are far greater than the UK or US, the natural resources have been abused and continue to be abused past their depletion point, and their population size is also a large problem. China could easily grow to be the largest world economy, but I sincerely doubt it would last in that position for very long. They’re growing at a rate which is not only unsustainable, but sacrificing many other long-term necessities for the sake of this growth. I don’t see it as admirable and something we should emulate, but rather as an example of too rapid and wasteful, and overall a system which reduces personal liberties. Economic prosperity is not the only factor for a happy life or a successful nation, and we are witnessing a totalitarian government which routinely violates the human rights of their citizens and foreigners in archaic ways be praised as some bastion of futuristic principles.

[@firstwavenegativity6379]

So, is Prof Wolff unfamiliar with the concept of economic convergence?

[@sd-xk7qr]

you are wrong. chinese system is capitalist at core (read free market) with a few added necessary twists to navigate problems they faced. they also recently started cracking down on monopolies which represent start of decay of an industry and is also the biggest downside of capitalism.

[@NinaCantHearU]

I'm number 69 again on thumbs up

[@loripiercy3561]

++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Dear Prof Richard Wolff I appreciate so much your understanding of the science and policy for one's society Do you know that the Chinese are feeding us what we want to hear My own feeling is that the Chinese are going to bring us together but not under communism We must have the right to disagree and to explore I think we should be talking about the private and public sector and balance. The Chinese are printing what they want us to believe They print the numbers that are made up so we think everything is good There people are suffering just like us .but they are not allowed to say anything. May I say I think the Chinese are recognising we have to work together. I love to listen to you and Prof Fraad I listen to her podcast because she speaks to women in truth and love. Let us choose who we will stand with.. For money or for human beings. for money has no heart. With love to you , Lori

[@anthonywaterhousr4198]

In the UK its not the retreat of the state but the colonisation of big corporate finance of the state, the state as a hub dispensing contracts to their friends in the City. Perhaps in China the process is other way round, the state as the dominant partner, with corporate interests. This may have its success but skate over the mistakes, oppression of subordinate nations, dissidents, and the emergence of dynasties of “ princelings” , many very rich but still denominated as communists, Perhaps an ironic end to a marxist , especially of the orthodox stream that respected democracy., before the rot of vanguardism set in, this successful as raw power but leading to repressive societies. Need to go back to the drawing board and correct ideas, so these guide practice that realise benign ends, a continuous effort for there is no ultimate perfection.

[@YUcommie]

I understand learning from the Chinese economic model, i do, but we cannot ignore the atrocities still being committed today by the CC -P, atrocities that were only made way by the centralization of state power over capital. Believe me, i am all for a Labour-state, but I will not be relegated to the state capitalism that is the Chinese system, a system who’s own capitalist tendencies have spawned economic neocolonialism in Africa, South America, and any other territories in which Chinese infrastructure and goods are funneled endlessly into.

[@user-um8xy7mp4o]

kzbin.info/www/bejne/b4vKfWWbnd90ers kzbin.info/www/bejne/o3mQYZ-Vr7mihJY Are you talking about this atrocities committed by Chinese government?

[@georgeqi602]

US has a high GDP in the number, but it is rotten insight: 18% being healthcare, another 5 trillions being from legal services. While China spends less than 10% GDP in healthcare, but controlled the COVID-19 pandemic very effectively, also much less in internal fighting through law suits. Another issue in US is financialization of economy. Since making money in financial market like stock, bond, commercial future markets is much easier than manufacturing industry, it tilters the economy toward financial industry. Last but not least, the wealth gap is larger and larger since wealth investing in financial market makes much higher return than labor, even raising minimum wage to $15 cannot reduce this a bit. That is why it is of 1%, by 1% and for 1%.

[@holeygrail4156]

10000000usd=1indian rupee

[@winston88888]

Chinese are doing well on economic growth, but their extreme wealth inequality and tremendous corruption are the worst in the world. All wealth generated has gone to the communist party high officials and the corrupted businesspeople. The wealth inequality is lot, lot worse than the U.S. Do you want that corrupted system in the U.S.? Before 1978, they had the socialist system, the productivity and economy were so bad. Nobody wanted to work because of no incentive. Only when Zeng decided to change to partial capitalist system and opened up some private enterprises in 1978, the economic growth started to take off. But they don't have our check and balance system, their corruptions are so, so, so bad. Money only goes to the top privileged people. R. Wolf is a very blind scholar.

[@helengarrett6378]

People who were aware in the 1960s and 1970s predicted China's economic growth. Nobody is surprised. China started far below the United States and still has a large population in distress, especially in the countryside. In some ways they have done spectacularly well. But China now is headed down the capitalist road in large part. All the things that I detest about the capitalist system are growing among the Chinese. There is a growing rich class among the political and capitalists. This works pretty well while a country is developing. It worked pretty well here. But eventually, the rich grow ever richer under capitalism and the working class grows poorer and weaker throwing more of the population back into poverty or very near it. That's inevitable. Government can try to mitigate the power of the wealthy and the privilege of the elites but ultimately I believe that those who have the gold own the society if it isn't distributed equitably and neither is power. In our country redistribution of wealth can be achieved through cooperative ownership of businesses as described in Professor Wolff's own works. Or, redistribution of wealth can be achieved by progressive taxation or legislation. But progressive redistribution of wealth does not touch redistribution of power until the wealthy are brought way down from the commanding heights in which they now operate. It takes a certain revolutionary, framework to strip the wealthy of their property, their privilege, their social station and enough wealth to elevate the rest of the nation that currently is suffering downward pressure. In China a system of power exists that is completely undemocratic. Their leader has maneuvered himself into ruling for life. No term limits for him. The military are also powerful and it takes a lot if upheval to rid the country of entrenched power. Party members accru power that, again, it is hard to replace. Older people in the government system put down roots and rule for long periods leading to a static power structure even as their children grow up in privilege workers cannot enjoy. There is too much in the Chinese system that would make me an "enemy of the state." I despise China's treatment of it's minority Muslim population. I dislike how people who disagree with the current policy and power structure are treated. I believe a healthy society has room for disagreement and organizing for rerdress of grievances without dire retaliation. I think the people ultimately must decide their fate. In China you had better obey or you lose points. If you lose enough points you get imprisoned and forcibly re-educated. This is not to say that the Capitalist system is better. It isn't. It is top-heavy with a few wildy wealthy people who have outsized life styles, who take from the society far more than they contribute and who wield inordinate power. They are insulated from the extreme economic fuctuations that workers experience. They dont lose much more than paper wealth. They continue to live and travel and consume just the same way. Higher food prices don't make them eat less or differently. Instead of restaurants in a pandemic, they have food delivered or hire a live in cook, for example. We wait at foodbanks. They can live within their compounds and fancy properties having everything delivered that they want. Our capitalist system is advanced far beyond China's capitalism but the same inequities, both social and economic, will be the result of the system they now have and are expanding. They are expanding territorialy too. China is becoming not only a problem for the poor or the dissenting in their own nation, but also fir their neighbirs. As a thinking person I certainly wouldn't want THAT system to govern me. I want real democracy. I want real opportunity for the ordinary person to change their circumstances and improve the lot of others too. It's what I fight for here. It's why today I am dismayed by what happens on our Southern border and why Georgia's voting laws dismay me. It's why I am always on the side of the poor, the disenfranchised, the dissenter and the Bill of Rights in our country.

[@barbojohnsung7113]

Please prof. Wolff, would you spend some time reading about Italy? It looks like an economic sanitarium to me, this is why I started to think I am the one who needs one of these. Official and media narrative seems completely overturned. Until the seventies, the country had a full employment, rising real wages situation; roar-rising GDP, public debt at around only 60% of GDP, the majority of national public debt in national portfolios. This looks like a perfect self-propelled engine to me, where the very high inflation only resulted in higher interests paid to national citizens. Of course, big financial capitals were not happy at all, with such an inflation kicking. It looks to me as if that inflation was a shield to Italy, in such sense. Then 1979 came. ECU was created (right after the popular politician Moro was killed, the year before, just to say something unconfortable) and - in order to get this semi-fix currency scheme - an unconstitutional, ill-concealed separation of the National Bank and the Treasure was put in place. The National Bank stopped printing money to buy national bonds, in the interest of citizens, as Lira could not be devaluated anymore. Therefore, starting from 1981, government spending had to undergo the financial markets for fundings, at way higher interests rates. Only then, the public debt skyrocketed, due to interests. By 1991, public debt was 100% of GDP. The 1992 turn of short-selling on Italian Lira hit hard, but the treasury chief (now president Draghi) aimed to keep up the Lira value because of his will to keep the ECU going. He could not save the price but, to keep that price up, he wasted all the national gold reserve. Vanished in one single week. More than 100 thousand billion Lira we are talking about. A masterpiece. He could not help quit the ECU after all (five great years for Italian economy, before Euro, btw). Finally, that Draghi guy had to privatise all the national assets. Thirty years later, a tollway bridge fell down , in Genova, just to tell the nice buyers he got. Eventually, Italy had to pay for their liabilities as well, but that's another story for another time. National debt still kept rising because of interest rates, of course, that is it. But national assets were gone. Gone through Ecu, then Euro, things went just worse and worse as Lira loss its flexibility and now Euro is fixed rate. Work productivity and real wages stagnate since 1999 as investments slowly phased out. No devaluation, meaning profits have been achieved through wage deflation. Besides, it is since 1991 that Italy is making primary surplus every year, urged by soaring interest rate debt from 1981. Can you believe that? The more virtuous country of Europe! We just can't do fiscal policy because of EU treaties, even tho all the other EU countries do exceed agreed deficit and nothing happens to them, which makes hard to figure out the whole thing clear. It is now 30 straight years Italy is not spending but raising taxes. Government can't spend public money to foster economy and country is smothered, while it still is net contributor to the EU, which lends the money back to us for interests and asks for choking reforms. They call it "austerity". 2020 GDP equals that of 1999, half of the country's businesses will close out and no action is being taken; despite (or more likely: because of) the surplus agenda, debt is 160% of GDP and still, politics is elsewhere. Our non-elected prime minister is Draghi. He - in the meanwhile - went through a honourable career at Goldman Sachs and BCE, as well as he has become a G30er, an advocate of the creative disruption that envisions all the small businesses of Italy to be absorbed by MNEs as they'll leave the market. For this sake, the narration is still, blatantly, and once more "there is no choice", "Lira=inflation=bad", "Euro=price stability=good"...but this is true only for rich guys, as I suggest. This is a fraudulent mechanism. Price stability over full employment is socialism for rich people and it needs to be stopped (but maybe I am wrong about all of this. In that case I'd be really really glad, because it is driving me nuts). thanks for your work, prof!

[@jorgec55]

The survival of the US as the primordial economy in the world is tied to the rampant, irregulated, survivalist modus operandi in which a number of gigantic corporations and a political elite rule. The chinese model is challenging that process through a form of state capitalism that proves, most of the time, that 'the market' as the vehicle for equal distribution of wealth is not only a false premise, as Marx explained many times, but it generates exactly the opposite. That is why they grow at the rate they have. They decided more then 40 years ago after Mao's death, with the triumph of Deng Xiaoping and the 'pragmatist' faction of the so called 'Communist Party', to become an economic developed nation and now the process has entered an accelerated phase that is hard to accept by politicians of all stripes in the west. I would like to hear Prof Wolff talk about how this process will affect the course of economic history for this century

[@gameofthugs4839]

Investing in your own people, is a win...and China's Government controlled economy has done that well...the problem wit the U.S...is that during the 80s... Republicans invested in Businesses..and began taking from the Poor, and Sending Jobs over seas..for Greed...there was a time...a man could raise his family from working in a steel mill or Manufacturer plant...also we don't event want to raise the minimum Wage..to $15..which would help alot people and families..and create more spending..trust me China will have a over $15 minimum wage within the next 20 years....here we have way to many Billionaires...who do not pay thier employees a fair living wage ..

[@deangeloupshur9729]

Because of the economic crisis and the rate of unemployment ,now is the best time to invest and make money 💯

[@fred2785]

Investing in Crypto now is very cool especially with the current rise in the market now

[@steveabreau2696]

Stocks are good too

[@nicolecloud9501]

@Mo Mo I heard her strategies are real good

[@Stayoutmybussiness]

Wow....she has really made a good name for herself she's my account manager too

[@Maria-st3zz]

She's obviously the best i invested 2000 USD with her and in 9 days i made a profit of 9102 USD

[@NoCensorship]

If you like stocks check out ACH. Go China! 🇨🇳

[@hamedesmaili4487]

China's economic model is destroying socialist values to be rich. What do you think about democracy in China Mr Democracy At Work?

[@toddfarkman2177]

Comrade Wolf applauds authoritarian governments. China excelled because it let the West exploit it. India also excelled when they opened up to trade. China will taper off like most countries that develop to 1st world nations. As they become more expensive, as their labor is more expensive, investment in China will slow and their wages will flatten. Growth is not unlimited. It's really easy to grow a 3rd world nation. Just a little improvement will look meteoric as a percentage. Chinese once made $1/day, now they average $10/day. It looks fantastic. But again, like the US, like Europe, China's growth will taper. There is a ceiling.

[@nataliejacbo4016]

I met an Indian yesterday. Same idea as you. The reality is that China has not been the cheapest country since 2010. It is true that many factories have moved to other countries because of the price, and most of them have come back to China. I have also asked many factory owners why, and they say the Chinese workers are too good, a little more expensive, but much more efficient. Perhaps this is an important reason why China can escape the "middle income trap" : universal science education There is no substitute for productivity.

[@toddfarkman2177]

@@nataliejacbo4016 China's national average income reached about 90,501 yuan in 2019. That's under $14k USD. Min wage in the US is $7.25/hr. That's yearly $14.5K. That's the lowest paid person in the US. Barely anyone makes that much. China is still very cheap. Min wage in China is 94 cents/hour. China is getting more expensive and companies are leaving China. China is relatively cheap for having a good skilled labor force. In the end., most companies are there for the cheap labor, cheap manufacturing and China's growing consumers. Not to mention the limited regulations that allow companies to pollute and cut corners.

[@Baraborn]

I disagree doctor BIGNESS and WASTE are 2 different things. The Yuan isn't where is it's at however, that crypto they're making will change everything.

[@112313]

us gdp per capita = usd 65 297. china gdp per capita = usd 10 261. now assume the chinese gdp per capita is usd 30 000...their gdp would then be around usd 42 trillion.... so it is inevitable that china will rise to the top of the gdp ranking, and be number 1 in the world, at least until india catches up with china.

[@dashong8912]

And how much did the UK and USA model help the Third World?? Not much.

[@johnwright9372]

China's government is NOT left wing. It is not communist or even socialist. It is state capitalism mixed with politicly monitored private enterprise with extreme protectionism. The only similarity with the old communist state is the Stalinist system of control and repression. The economic development is the result of the deregulation of capital markets from the Thatcher and Reagan era onwards. The massive investment in China is because it was the cheapest source of production. Coupled with free trade neo liberal economic ideology which allowed China's exports to go to democracies with no restrictions while China restricts foreign imports and hobbles foreign companies in China. Western democracies political systems have been bought and corrupted by big corporate money. So one can say that neo liberal capitalism gave birth to a totalitarian Frankensteins monster every bit as nationalist, ethno centric and racist as Nazi Germany and Imperial Japan.

[@sheilachambers6671]

We can only GROW by consuming MORE RESOURCES! Resources are LIMITED, so growth is unsustainable & we are coming to the end of growth & the speeding up of our decline. Those who have been duped to believe that we can just "transition" to "renewables", buy EV's & go "vegan" everything can continue on as is, no sucker, it can't & won't. "Renewables" are as tightly tied to OIL as every other technology we use, cars, computers & us, as oil declines, so will we & this civilization collapse. The only question left is 'fast or slow'?

[@bobwaters5789]

Sheila your are onto it. Most people do not have the tools to look at the bigger picture . They get captures bu the argument around superfluous detail of political persuasion. The World is finte and since 1800 we have consumed over two thirds of the Non Renewable Natural Resources. Recycling itself yses energy and further natural resources. The key factor is that we are reliant on high consumption of harvested energy which is the killer. Even if we had free energy the outcome would still be continued massive consumption that is completely unnecessary. and suicidal. Looking at the survival template, we cannot avoid a rapid reduction of humans as the food shortages have been assured by our overshoot , destruction of soils and consumption of ground water aquifers relied upon that will tale millennia to replenish. China has a population control policy and soon its population will reduce and its food needs fall. They appears to be preparing for this now which could make the impact of decline less dramatic for China. The rest of the world carry on as usual ignoring what lies ahead. It appears that some of the uber wealthy parasites could benefit from their bunker .like preparations away form high population areas. The collapse will be gradual at first then as food stocks dwindle chaos can be expected.

[@haraldwerner9778]

Economically China seems to be a socialist mixed economy but politically it is a one party conformist dictatorship. Will China’s political model also become the model that will be adapted be other developing countries? If so, what happens to democracy?

[@theantchannel5477]

kzbin.info/www/bejne/oZWZkGmkgLiAo7M kzbin.info/www/bejne/kH2nh2x3aa-BgMk

[@chewinggummy]

They ARe not a model. With 1.4 billion population they couldn't care less

[@KasirRham]

China has certainly outpaced the US and is doing far better infrastructure projects but its economic size probably won't pass the US until at least 2026.

[@thekreal8703]

Do you endorse the China model?

[@yoyomen8913]

That "model" is what the imperialists fear most 'cause it can dethrone the western capitalist model.

[@thekreal8703]

@@yoyomen8913agreed

[@davidschlessinger9945]

I actually disagree with Professor Wolff. I think China has already surpassed the United States in wealth. The vast majority of american wealth is held with landowners and and an elite class of the wealthy. I lived in China 5 years ago, and the enormous amount of development, modernization, infrastructure, buildings, was breathtaking. If you look at an american city it's laughable- hollowed out, crumbling infrastructure, homelessness, old architecture

[@twobrotherscycleanda]

It's amazing what highly exploited workers, and slave labor can do for you.

[@diegoalvarez3807]

Yeah, China is capitalist. The CPC has been selling off state owned enterprises and industries and invite foreign companies to exploit cheap labor. They beat the West at capitalism

[@rattylol]

How is that going in US with their slave prisons, largest prison population in the world and being arrested and tazed for simply asking a question about corruption?

[@twobrotherscycleanda]

@@rattylol I wouldn't argue your assessment of the US either. It's why I'm watching a Dr Wolf video.

[@Mark_Chandler]

you forgot to mention, china has debt 3x its gdp.

[@whosurdaddy1975]

Not true try again.

[@paulvandijck6476]

EVERY system fails after a while: growing - flowering - decaying. The eternal law of nature.

[@iamhe999]

In human history every attempt at a government system came down, and crashed because natural born genetic anti-social sociopaths got in, took over and crashed the government..

[@paulvandijck6476]

@@iamhe999 - True! Power attracts psychopaths and too much money creates greedy people who never have enough, thus psychopaths, too!

[@iamhe999]

@@paulvandijck6476 you play too loose with the word Psychopath.. wrong word..

[@JohnLee-]

The harder you push someone down the more they bounce up. That law of nature

[@paulvandijck6476]

@@iamhe999- Thank you for your comment! Could you explain to me what you mean? Maybe my English is not good enough to convey what I mean.

[@oreradovanovi5204]

But what is that model exactly? I heard from few speaker that this is a Singapore model, that China copy it, under Den, is this true? Would that model be to follow by other nations. I think that other countries would look it as inspiration. The model of IMF, and WB didn't end up well. Also what is Taiwan model?

[@zijun01]

There is some influence from Singapore there, though obviously not a direct copy. China and Singapore both have mixed economies. You might call China's economy "a socialist market economy - one in which a dominant state-owned enterprises sector exists in parallel with market capitalism and private ownership." Singapore is considered to be mainly a capitalist free-market economy, but it is also features a government that exerts a LOT of control over some key economic areas, so you can also argue that is also a mixed economy. For example, in Singapore, the government focused a lot on creating affordable and decent public housing that could be bought (so now the home ownership rate is around 90%). Taiwan seems to have a more straightforward capitalist economy. I think the lesson for other countries is that there is NOT just one 'best way' to do things.

[@stevewilliams7852]

Chinese success depends on the American economy succeeding.

[@whosurdaddy1975]

Not really China can do fine without the US. US isn't the world and the world was fine China was fine without the US for long long time.

[@tschoong3897]

It is not just government economic control that made China a middle income country. The Chinese government has been a government of the people, for the people and by the people as defined by Abraham Lincoln. True, there is only one government in China and that has been enough so long as the government works for the people, represents the people and is by the people.