Economic Update: China: Capitalist, Socialist or What?

[S10 E33] China: Capitalist, Socialist or What?
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On this week's episode, Prof. Wolff talks about the Chinese economy. China is run by a Communist
Party but describes itself as socialist, while the employer/employee structure of its enterprises is capitalist. We examine what this means for (a) its place in the world economy, (b) its place in the transition from capitalism to socialism/communism, and (c) its conflict with the US.
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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" released in September 2020. Available as a paperback now!
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Check out Prof. Wolff's other books "Understanding Socialism" and "Understanding Marxism"
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[@Raymondjohn2]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[@hermanramos7092]

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[@martingiavarini]

It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance

[@bob.weaver72]

Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns

[@hermanramos7092]

@@bob.weaver72 How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?

[@bob.weaver72]

My consultant is ‘’Catherine Morrison Evans’’ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.

[@Riggsnic_co]

As a foreigner who lived through the entire duration of zero covid for the past 3 years in China, this is by far the most objective commentary I’ve seen on KZbin to date. Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said Tuesday that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy now or put on a watchlist

[@kenanporubsky2122]

Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.

[@martingiavarini]

A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.

[@hermanramos7092]

Very true, a huge part of my portfolio growth has come during this bear market. I've been able to scale from $180K to $572K in a short period of time. I basically was just following the steps and guideline from my financial advisor. as long as you've professional help, you're good to go

[@kenanporubsky2122]

@@hermanramos7092 Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.

[@hermanramos7092]

My advisor is ‘’Catherine Morrison Evans’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

[@roywong731]

"America is an open society with a closed mind. China is a closed society with an open mind."

[@beezibee]

China is a developing and transitional society... not a close society.

[@valkriainewaynewang8259]

@@djangologistics7476 lmao Uigurs are living a better life than Americans, but how would you know you've never been there

[@ibungothangjam524]

@@tjohnson4854 too naive. Don't expose yourself to propaganda too much.

[@msm19890216]

@@djangologistics7476 funny clip about several people arrested, and the clip is obviously made by people who arrest them, so here comes the question: why you can see this clip, if the people are going to be abused/massacred? Or you believe that the people who arrests them are just so silly and let the clips go on public. 🙂 Brain is a good thing, wish you can have it.

[@msm19890216]

@@beezibee it's still kind of closed comparing with the western society, check out how hard it is to get a Chinese Passport, i mean a real one for sure.

[@raywang7349]

some G7 governments, need an “ENERMY” to asking for more money (people's tax) rather than fix their domestic infrastructure for their own people

[@anthonyromano8565]

It only took me 56 years and this 30 minute video to figure this out.

[@ASMRyouVEGANyet]

Better late than never.

[@elliottbingham2097]

32 myself

[@numetalmarkchavez24]

McCarthyism is a hell of a drug

[@HeresMyView]

Took me 39 yrs to come to realization. I did not realize Mccarthyism that was one of the darkest in American History has such a profound negative impact today. The Red Scare indoctrination is indeed very deep.

[@kelwinmosking7088]

Emmmm look like you has been brainwash for 56years....

[@seansailBruce]

Unfortunately, anti-intellectualism in the US is growing in an appalling speed.

[@megavolt67]

​@Abu Ali al-Husayn ibn Abdillah ibn Sina Nor can you refer to as being representative of intellectualism the likes of Ben Shapiro and other grifters who complain about cancel culture while being apologists for certain religions, racism, and authoritarianism. Those are the pseudo intellectuals who concern me most because they are giving so many young and ignorant right wingers the intellectual permission to embrace anti-intellectual attitudes and ideology. I suspect that those are the people the OP was referring to. We have this phenomenon of conservatives now claiming that they're the real intellectuals (facts over feelings...alternative facts, that is) when intellectualism hasn't been a hallmark of right wing thinking since Republicans made their pact with the religious right. In fact, people on the right have long looked down on intellectuals as being arrogant and out of touch with reality. But nowadays they just spit out any kind of Fox News propaganda and claim that "the liberals" (which at this point just seems to refer to anybody who isn't 100% in line with Trump's agenda) are actually the stupid ones. I would dismiss it as little more than a schoolyard response from those who don't have a real argument (I know you are but what am I?), but the problem is, these people are giving real power to the political party which is more dangerous than the other one (they both suck, but Republicans are flagrantly anti-environment and pro-white nationalism, and that's a combination which is going to doom us all more quickly).

[@stumpedii8639]

every single vote for biden and trump confirms this...

[@user-rg1wo8qp1l]

Not only in the USA, but also in Russia. You see everywhere that the state and capitalists are not interested in smart workers, because they know that we are dangerous for them. Even if they know that they are pulling the whole society to the bottom only because of their greed.

[@itechiwizard83]

Well. A certain US president once said that "You have the right to be stupid in the USA". They are practicing it extremely well.

[@HeresMyView]

"You have the right to be stupid in US." Can you share who is that President? 😁😁

[@XStormMegaX]

White cat, black cat: what does it matter, as long as it catches mice? -Deng Xiaoping

[@nehcooahnait7827]

He also believed in a tackling down effect of market economy

[@dorianphilotheates3769]

Eric Rosenthal - That was one clever, chain-smoking panda...

[@dorianphilotheates3769]

marie sandal - 🙂

[@dorianphilotheates3769]

marie sandal - 🙂

[@haoyu3512]

in chinese words order:balck cat white cat catch mouse is good cat,黑猫白猫抓住老鼠是好猫

[@profdrsiva]

Dear Prof.Richard Woiff,You are my friend,guide and philosopher in the field of Socialist studies which is the source of inspiration and enlightenment as I am in the third World country like India,Tamilnadu. Keep it up .

[@Joy3269]

Thank You my Friend for your honest opinion. Thank You.

[@spiritualevolvedlightbeing8597]

He's the best

[@spiritualevolvedlightbeing8597]

​@@Joy3269Richard D wolf is the best in the World

[@jacksonkurikaze]

India is developing country not third world country

[@tymanung6382]

Also Vijay Prashad Radhiks Deal Usa+Praba Patnaik. etc. Ksama, Sawant? Ms.---US Seattle WA elected official + activist

[@elsiegel84]

These talks are among the most informative offering on all of KZbin.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@elsiegel84]

@@qinby1182 Thank you, friend.

[@qinby1182]

@@elsiegel84 No problem... Hard to find good info Hardly get it from traditional media...

[@non-standardproletarian3356]

@MRL48 Public schools are in the business of socializing everyone into the capitalist order. Schools are no more neutral an institutio than the rest of the state run by the dictatorship of the capitalists.

[@kevchard5214]

@@qinby1182 Its impossible to get it from traditional media when they are the carriers of the lies.

[@GregoryWonderwheel]

Even though I shouldn't be, I'm always surprsised how succinct and compact Prof. Wolff can present the historical and political contexts of economic issues. It shows his years of experience and study of the topics he addresses.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@frankhoolderburgostrom4882]

The system will collapse because the Central Banks are failing to respect the Progressive Growth of Money Supply Principle: kzbin.info/www/bejne/n5quo2CfZZdlo7s

[@destartmoe5122]

The US government is under the big private companies' control, which means all the taxes been collected from the people all go into the pocket of private! The rival of China as a socialism country is challenging the power of this big private owners not the people of US!

[@kumaonirock3169]

True 😍

[@johnchong4690]

@@qinby1182 Thanks alot for sharing . This completes Prof' Wolffe's seminal treatment of a subject deprecated mostly by biased western politicians .

[@scubegraphicsinc.4138]

Even i am a chinese, i learned the real meaning of communist from this clip. thank you

[@llnu2776]

DONT. READ THEORETICAL BOOKS, START FROM MENIFESTO. NOT FROM ECONOMY VIDEOS. PLZ

[@llnu2776]

@@RS-vz8xd HOW ON EARTH did you conclude communism with simply a phrase "ppl work on a common goal" O_O

[@RS-vz8xd]

@@llnu2776 That's what Dr. Wolff said - working towards a civilization with no bosses, no employees; democratic cooperatives. By extension, the country would function as a democratic cooperative, presumably with agreed-upon goals. Now, how do you deal with dissidents or people who don't agree with those goals? In places like the Soviet Union, or Maoist China, if you have opinions contrary to the Party's goals, you are removed from society.

[@llnu2776]

@@RS-vz8xd True, and by Dr Wolff they were still socialism, not communism, they are societies developing theory while practicing. You yourself is in a false logic circle. Also, the thing I'm emphasizing, the thing I'm condemning you to, is NOT that you are concluding with "agree upon goals" etc., but you ARE concluding with one single phrase from one single video. Seems to me you are confident enough to conclude every single piece of human philosophical wisdom by watching videos, so I hope I can see your lecture one day in a certain top university in the world.

[@RS-vz8xd]

@@llnu2776 I'm not sure how you jumped to all of your conclusions. What I'm saying is that one (of many) fatal flaws of the communist ideology is assuming that there can be a society where there are common goals towards which everyone is working to achieve. Of course there are other flaws in communism, but I just wanted to point out this one as a rebuttal to the idea that there actually is some utopian society possible.

[@taotao2531]

No matter what ideology, the best government is to ensure the happiness of all the people. It's not just the happiness of the rich.

[@519stream3]

Unfortunately his wishful thinking is just a wishful thinking. It is hard to be realized. Culture or the collective mind of the whole society will take long time to change to be able to drive the whole society move to the right direction. Just look at the Chinese transformation. From the demise of qing dynasty, it took couple of generations to find the right path. Once Chinese has long believed they were the center of the whole universe to realized they were the poorest lowest. Civil war, cultural revolution, even finally decided to open up, in 1989 there was this turmoil almost toppled the whole thing. Luckily China has this group of people called communist party that devoted to revive the nation at all cost and guided the country through all this. America needs a completely new mind new culture not just couple of thinkers. Chinese had many of great thinkers pioneers that have been killed by resistance along the process of this transformation. we don't see how that could happen in united States.

[@AliBooondok]

I wish more people in this country valued knowledge and information from reputable people. The overviews you provide are incredibly important for our future.

[@mpumelelomdlalose8159]

Don't worry. We value Prof Wolff's knowledge here in South Africa... Well, atleast I do.

[@hedgehog_fox]

Honestly I don't see it happening anytime soon. The media did a fantastic job brainwashing people about the "evil commies". It will take decades before America can truly have a rational discussion on this matter.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@kevchard5214]

@@hedgehog_fox This is true and with the push to not educate the children it will continue.

[@jaredm3908]

Hedgehog Fox Agree. The media and the politicians are profiteering from the RedChinaScare for their own benefits, without thinking about the long term implications on global cooperation and governance. The US is creating division and hatred both domestically and abroad.

[@domingodeanda233]

The U.S. is causing it's own demise.

[@dcocz3908]

I feel it's more the bankers in control are as the people if you ask them, they wouldn't want it to happen

[@nicadi2005]

@@tomasmccauley569 "The Red Scare runs so deep our politicians are afraid of the most basic social reforms." - That is a GROSS misinterpretation of reality; it's NOT that they (your politicians) are "afraid" of doing any "social reforms" (regardless of how "basic" those might be - or how badly needed, for that matter), it's that they REALLY DON'T CARE about doing any... Why?! *Well, because NOT doing any such "reforms" spares them putting any effort into doing something that ultimately DOES NOT benefit them at all, AND also DOES NOT hurt them in the slightest, because the people that would otherwise benefit from those "reforms" have very little power indeed to force the politicians' hands...* *(There's also the added bonus of NOT PISSING OFF their REAL MASTERS - the millionaire/multi-millionaire/billionaire "elite" - by doing "stuff" that would help the "little people" they have become so accustomed to be stepping on.)*

[@chinesemusictranslation1655]

作为一个中国人想跟你们说。 在中国最好的学校是公立的，911和211级别的学校还有大量的奖学金，在大学几年有很大一部分人靠奖学金甚至都可以存一笔钱。 在中国资源、通信、能源等行业基本都是国家的，但这些企业和私企一样聘用了相同的雇员，只不过利润到国家手里，少了一些资本家而且，资本家不会拿出来再投资给底层，但是国家会。 在中国我们说我们是共产主义国家，其实并不是，我们不是苏联，这是经过改革后的社会主义。经济的很大一部分动力都是来源于私人，国家起的作用主要是重大投资和规划，比如一些非盈利的公共设施的建设都需要政府来配套，周边的私人企业地产才会得到受益。这才是这个国家不断发展的动力所在。 在中国我们有人民代表大会，来自各个行业各个领域各个地区的代表每年都会提出几千项改革提案，一般这其中80%左右会通过全国人民代表大会投票决定，这是中国最高的权力机关。 最后想跟你们说的是，中国并不完美，一个国家需要进步肯定是要不断改革的。 改革 = 一部分人获利 = 一部分受损 你们遇到的问题就是在很大一部分需要改革的地方中，这一部分受损的资本家权力太大，他们可以操控媒体，操纵经济，操纵政治，所以他们当然也可以操纵选民。 我听过最多的可笑的笑话就是“没关系，下次我们选个更好的领导人” 但他们却从来不去思考为什么会选出特朗普这样的国家领导人？这样的体制是否需要改革？如果拜登当选4年经济没有好转那2024年他们有很大的可能选出一个更极端的总统。（很快希特勒就要来了，呵呵） 选贤举能是我们几千年以来一直在贯彻的政治路线。而不是被资本家操纵了的政治。 另外告诉你们，中国社会主义的核心价值观就是：富强、民主、文明、和谐、自由、平等、公正、法治 民主代表的是为人民服务的政府，而不是一张被资本操纵的选票

[@nicadi2005]

@@tomasmccauley569 "There is truth to what you are saying and to what I am saying." - No. As I pointed out, they do NOT act in the interests of the wider population, NOT out of fear of "social reforms", but out of fear they might lose the good standing they have with their true masters... *What you are proposing doesn't even make sense - that their "fear" would've been induced by the "Red Scare", i.e. the PROPAGANDA they themselves fabricated and took turns feeding to the masses over several decades (at the behest of their true masters).*

[@stumpedii8639]

americans haven't had a say in their govt since JFK coup. since then been black ops smoke and mirrors.

[@simonk3393]

Thanks from China. It doesn't matter who is number one in the world, what matters is what is good for all mankind.

[@eugenelubbock5478]

i would be fine with china being no 1 if it was democratic, not totalitarian and if it was not commiting genocide.

[@reactionmunde2656]

​@@eugenelubbock5478what about genocide who has done by US

[@duke01261]

Professor, it’s important to highlight the fact that the US capitalist model only “worked” at the expense of the looting and destruction of the global south. Imperialism is the primary reason why US/Anglo-Saxon capitalism was such a “success” (a “success” for the ruling classes, because the workers living conditions only “improved” in recent decades, and it’s already in decline). And that’s why it’s not honest to compare China and the USSR to the imperialist states, like so many people do. If you want to compare, you have to compare to capitalist countries from the global periphery, who faced similar economic constraints as China and the USSR. Compare the achievements of China to Mexico or Brazil, for example, and you’ll realize the massive success of the chinese model.

[@dps8522]

Excellent point. 👌🏼

[@aoeu256]

The west screwed the global south, but the rise may not come from exploiting it. Any source for that

[@abayomiayo-kayode7024]

Great point

[@lpslvr]

you are so right

[@forgottennortheast4817]

As a Marxist from China, I must point out that you had some obsolete opinion about China. China is a actual Imperialism state now. When you look back to Lenin's words that defined what is a Imperialism state. You will find out that China nowadays perfectly matched those definition. You can't put China as a like regular global south state with a massive market. Just like you treat WWII era Japan as a Imperialism state. China nowadays have much more overseas interest and Chinese government even garrisoned in East Africa to protect Chinese entrepreneur interest. And as Lenin told, China also got excess capital to invest both domestically and overseas. It's totally fine to critics and judge China as a Imperialism state.

[@wooyyeah]

As a Chinese American whose parents left Asia in the 1960s, this has touched my heart, and this is by far in my opinion, your best lesson Professor.

[@gothicfan51]

Were your parents bourgeoisie?

[@lesterhorton4807]

@@gothicfan51 Of course, his parents were very rich at that time. If they were not rich at that time, it's impossible for them to go to the United States. In the 1960s, the ordinary Chinese had no opportunity to go abroad. I am Chinese, trust me!

[@gothicfan51]

@@lesterhorton4807 Yeah, the average Chinese was benefiting from the Great Leap Forward and the Great Proletarian Cultural revolution at the time. I don't really see why would they leave unless they were part of the capitalist class escaping the righteous class judgement.

[@wooyyeah]

Hahahaha, I knew this question would come up. They're not from China, my parents are from Malaysia. After world war 2, there was a movement by some people there towards communism. The British clamped down on them hard. Most of the people supporting communism were of Chinese ancestry (all around Asia, there are Chinese populations for hundreds of years). My grandparents were pro democracy, even though they favored the cause of the communists to give more rights and power to the people, but the communists wanted to take power by force, which my grandparents didn't like, having lived through the violence of ww2. So they left with my dad who was still a kid and settled in Canada, cause the US had the Chinese exclusion act at that time. My parents met in Canada and moved to the US in the 80s (my Mom grew up in Malaysia and was studying in Canada in the early 80s) where me and my brother was born. My grandparents and parents' life story, the next Hollywood movie? hahahahhahaha thanks for reading. Btw, my grandma is still alive at 93 yrs young, living in Alberta, Canada. kzbin.info/www/bejne/bXPRiIVro9t3i6c Here's a pretty good video on the communist conflict in Malaysia (or Malaya as it was known back then), you can understand why they left whatever opportunity was available.

[@wooyyeah]

Oh, and my grandparents were not rich nor business class, hahahah, they had friends who were British, hence they could come to Canada. My grandad worked as a translator, back in the day when translators were paid decently. He spoke English, Malay, Mandarin, Cantonese and Malaysian Hokkien. In Canada, he worked for a local company dealing construction tools.

[@maxmeggeneder8935]

"The casualty of the cold War was the truth!" Excellent! That's exactly what happened.

[@GregoryWonderwheel]

Yes, that was an important note to sound at the beginning.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@tao7376]

yes, and prof. Wolff too: by uncovering ones myths he creates another, per example , what he calls state capitalism in Soviet Union existed only up to 1931, later on private ownership of enterprises was outlawed, so was with land and collective farms - they were not private, they were collectively owned

[@destartmoe5122]

The US government is under the big private companies' control, which means all the taxes been collected from the people all go into the pocket of private! The rival of China as a socialism country is challenging the power of this big private owners not the people of US!

[@reyplaza189]

the casualty of this lecture is freedom. economy vs human dignity, which sides china belongs...

[@BailelaVida]

Clear, concise, to the point and perfectly understandable. What we have come to expect and enjoy from your brilliant explanations, Mr Richard W. Thanks once more, for this and for keeping up the good work.

[@DrFortune5055]

Not socialism, not capitalism. China's system can be sum up in one word: pragmatism. It will adopt whatever policies that work best in the current situation. it's not tied down to any single ideology. it's flexible and it's evolving. It's funny people still think today's China is the same China during Mao's era.

[@tipsy09]

china is nationalist. whatever works to serve china and their culture, identity, etc. it will do. but when will their nationalism no longer be pragmatic? lets see how far they are willing to go to defend their homogenous society.

[@travisnell6849]

Pragmatism is the best form of ML thought. Just try to build the productive forces, and raise the bottom line. Raise up the peasantry, the workers.

[@dinuxplay8003]

so basically state capitalist, but I get what you mean.

[@nessimrihani5962]

No, china is still the mao's china however they are pragmatic they just learned from history and they know that socialism cant be inplemented and exported in a day . So they adapted to the world situation and its not a passive adaptation as you claim it to be. They are progressivly experimenting and moving towards socialism. To understand what i am talking about go take a look at their laws which are changing every year gradually towards socialism. It's just a matter of time until they start exporting it.

[@peacebe2u480]

James, It does not matter what color the cat is, as long as it catches the mouse.. I happen to embrace this view. Labeling does mean nothing.

[@chrisbacos]

I listened to this yesterday on KPFK FM in Los Angeles. It was worthwhile.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@andreysavin1931]

It always is

[@yellowsheeps]

China runs an Industrial Capitalism economy. The CCP prints "interest free money" and injects this money into infrastructure, industry, education, heath care etc...any parts of the economy that generate "real" goods and "wages". The USA runs a Finance Capitalism economy. The government (which is controlled by the "Private Bankers") prints money at interest and injects this money into mainly financial products like stocks, derivatives, bonds and real estate. This part of the economy is entirely "speculative" and generates huge wealth for the Elite (1%) but does not benefit the commons. The US system is parasitic by design.

[@ingelarson6738]

to get people into debt and their demise!

[@dankwarmouse6248]

Are there any books that you'd recommend on this topic?

[@beerbatov]

@@dankwarmouse6248 yeah i need books too

[@jagtanjy]

@@ingelarson6738 Nobody ever held a military to force others into debt like the usa🤔🤣🤣🤣🤣

[@technatezin]

@@beerbatov Books: New Human Rights Movement by Peter Joseph, The Best That Money Can't Buy by Jacque Fresco Videos: Zeitgeist, Zeitgeist Addendum, Zeitgeist Moving Forward. Venus Project paradise or oblivion, Venus Project the choice is ours. The money masters

[@drvkizecodex8083]

The term is "socialism with Chinese characteristics". I laugh every time other calls us communism. Even N. Korea criticized we are changed.

[@nehcooahnait7827]

Lol North Korea.

[@tipsy09]

china is nationalism first. communism wasn't enriching the nation so it had to look somewhere else. but just look at world history and the many bloodbaths that ensued from homogenous powers that wanted to expand. china has had thousands of years to be a hegemon and it really needs to understand that it came to the party late. now they want to get in bed with radical muslims? it sounds more and more by the day that the dragon spoken of in the book of revelation is china

[@theodoreliu5507]

To be honest as a Chinese, this is the most insightful and truthful video I’ve ever seen.

[@519stream3]

We all knew this all along but have been witnessed western propaganda has been lying for decades. Our voice is not allowed to be heard. At least I don't think he knows more than I know.

[@josebohorquez2439]

I planned to watch only 10 minutes of the video. Then I realized it was over and I stayed 30 minutes listening to professor Wolff. Very interesting! Hope we can learn the best from China

[@chenyiable]

as a Chinese , China is half capitalism half socialism , Chinese mind is nothing is perfect , one should get the advantage from each , to fit ownself. actually , us is also not a complete capitalism , you can see us have not blame China by capitalism , now blame by human rights , haha

[@1o1s1s1i1e]

Outstanding lecture Professor Wolff! Thank you.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@destartmoe5122]

The US government is under the big private companies' control, which means all the taxes been collected from the people all go into the pocket of private! The rival of China as a socialism country is challenging the power of this big private owners not the people of US!

[@AnotherWayFilms]

So very glad you are here, during this crisis to guide and inform, Professor.

[@danishdani5342]

This is the best ever video I have watched on this topic, The professor is crystal clear in delivery of these concepts. THANK YOU Professor!

[@alitn588]

Professor said : We could learn from each other!! American?learn from someone else?!! NO WAY!

[@yuxiangdu9228]

They did in the beginning, but after world war II the focus on creating economy and political theories.

[@ingelarson6738]

America did not even adopted the most simple form in measurements and that is metric. To lazy to think and change a bit, even when it is for the better! Now , a lot of them have to change and it is not going to be easy!

[@anurag3619]

@@ingelarson6738 It is not laziness but a bloated sense of exceptionalism

[@Porelcaminitoyotellevare]

Hahahaha

[@chenyiable]

China learn from US , from Soviet , from Singapore , from Japan, from Korea , and other countrys. but us think they are the perfect , dont need to lean from others.

[@gcyalbert]

As a Chinese, I can prove that we never call us communism

[@gabrielalmanza9433]

right!??? it is always the toilethead MAGA morons and the bland liberals who spit the word left and right without even knowing the actual implication and definition of communismz

[@butnotboldbald6560]

I am Chinese too,i was almost forgotten this:I was taught from my early age,communism is our final goal,and we shall work for many generations to achieve it, lol.英文太差了 卧槽

[@ingelarson6738]

Well, isn't that what he is saying that China has not moved on to communism.

[@ZhangLee.]

but we want to be communist

[@user-zw2ve1bo3r]

Communism is the finnal object. First deveop productive forces.

[@christmasanimals7119]

That answered a lot of questions that floated through my mind over the years!!!! Thanks professor.

[@bryansmith9231]

I want to thank you personally for explaining some of these points that I thought I already understood in a much more complete fashion. Good job Sir, thank you.

[@leoncioco3305]

This is a real education money can’t buy. Thanks to Prof Wolff for explaining capitalism, socialism n communism’s in layman’s can understand. Times very well spent. 👏👏👏👍👍👍

[@destartmoe5122]

The US government is under the big private companies' control, which means all the taxes been collected from the people all go into the pocket of private! The rival of China as a socialism country is challenging the power of this big private owners not the people of US!

[@non-standardproletarian3356]

Prof. Wolff, could you do an episode on Vietnam as well? I've heard worker co-ops actually have a presence there. Also, their handling of Covid is commendable.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@patinka816]

Qinby 1 thank you for sharing these useful links.

[@non-standardproletarian3356]

@@qinby1182 You might want to check out economist Michael Hudson as well. There's plenty of talks on YT. He has actually taught part time in Beijing, so feet on the ground and all that...

[@qinby1182]

@@non-standardproletarian3356 Should listen to the Stieglitz talk, he also consults with China. They do not just "make stuff up" China learns from others... Around 5%-10% of students at Harvard and other prestigious universities are Chinese (depending on year) They are very motivated in succeeding and learn from the rest of the world, wish everybody would do that. But I guess if you are "The Greatest Nation on Earth" there is no point learning from anybody else... "Funny thing" well 2 funny things... USA do not like Muslims. USA do not like Chinese Out of some strange reason they care a lot about Chinese Muslims (Uighurs) seems odd... Often you hear (IN the USA Media) "China steals our IP" My question have always been, why say that?? Everybody knows (well should know) that IP is public information, only a moron would steal it. What they might mean is Companies in China infringe on US owned IP rights. I say, so what, happens all the time, take them to court. Well I guess it would not sound as nefarious... PROPAGANDA and they complain about "Chinese/Russian State Media..."

[@non-standardproletarian3356]

@@qinby1182 Oh, I'll definitely check out the talk. Just curious, though. Did you take my reference to Hudson as somehow being, or him being, anti-China somehow? I can't tell from your lengthy response how it relates to my comment all that much.

[@Albert-of4pg]

WOW! just wow...Prof Wolf is so SHARP, entertaining and brilliant.

[@ramseypietronasser2]

It's surprising to see the viewing figures on this. When KZbin started, this sort of thing would get 500-1000 views max

[@user-wh9er8pe9n]

What does that mean？😂

[@StikFlik]

@@user-wh9er8pe9n he’s saying that it’s surprising how much viewership this video got

[@babicomel2469]

Because smart channel, tittles, and description names gave him the chance in KZbin algorithms

[@stephaniecarrow4898]

I always learn so much from Prof. Wolff, and this is one of the most enlightening lessons yet. Thank you so much. Never stop.

[@destartmoe5122]

The US government is under the big private companies' control, which means all the taxes been collected from the people all go into the pocket of private! The rival of China as a socialism country is challenging the power of this big private owners not the people of US!

[@rethikar6191]

Thank you professor Richard Wolff for your views on capitalism, socialism and communism.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@destartmoe5122]

The US government is under the big private companies' control, which means all the taxes been collected from the people all go into the pocket of private! The rival of China as a socialism country is challenging the power of this big private owners not the people of US!

[@peayen5008]

Thank you for explaining so clearly. Time well spent.

[@wenxuanzhang3730]

This video was praised by the official account of China People’s Daily, so I’ll take a look at the original video.

[@ali0824]

666

[@anwiycti1585]

Suspect they miss the last bit like a million others...

[@apubanerjee2037]

Ohh my God.....my whole vision has changed now....what a great explanation ...👏👏👌

[@destartmoe5122]

The US government is under the big private companies' control, which means all the taxes been collected from the people all go into the pocket of private! The rival of China as a socialism country is challenging the power of this big private owners not the people of US!

[@angelrubio9368]

Well i have not been in China for a long time, just two weeks, as a musician, but i didnt like what i saw. But the working conditions of chinese workers in mu city (Madrid , Spain ) are just frightening. Shops are open until 2 in the morning , same workers there for 15 or 16 hours a day, even open on sundays... Is this what we want, to become the first economic power ? Not me.

[@junrenhu8054]

@@angelrubio9368 you do not need to work for 15/16 hours a day in China, Lol. They could do that because of shift work, which is job rotation, how could a idea that a person would work that long been created in you mind? Lol.

[@angelrubio9368]

@@junrenhu8054 yes, i know everything is just wonderfull in China, the land of freedom.

[@s1050]

@@angelrubio9368 Yeah I agree. I lived in China for years and I generally support it and its rise but the working conditions I witnessed were horrendous. Corruption is rife and workers are treated badly. Long shifts, no rights, no independent unions etc. Although I honestly believe the government is socialist and is developing productive forces in order to establish true socialism.

[@Utube1024]

US act like a gangster.

[@ingelarson6738]

They have been from beginning of it's existence!

[@kumaonirock3169]

😂

[@willyvlyminck201]

Very true, the way they behave against Cuba for example. Organized revolutions and wars to open new markets, etc

[@robertbennett9949]

Thank you for the valuable video. The infant Soviet Union was attacked by 14 capitalist countries. China, on the other hand had a reservoir of overseas Chinese capital available, once the Chinese economy opened up to investment.

[@cheongwenpa]

Oh my god!! This is the best 30min I have ever spent on KZbin. What a immensely clear view of the current world. Where it came from and where it can head to ? This is really an awesome piece of content..

[@gustavoc6579]

Doing the comment in order to boost the algorithm. Great job!

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@garrychen1524]

The Chinese always say, look in the mirror to make sure we are in good form. Professor Wolfe's speech ensures that we are doing the right thing.

[@kevinnaughton9597]

Wow just discovered this guy a couple of weeks ago. Phenomenal. Thank you!

[@user-zk9nd4fz2h]

Oh god, finally could see some commonsense not BS of China or USSR in youtube, and be watched more than 1k times....

[@uhurus2]

These videos are more than necessary in today's america

[@joannsmith8720]

Thank you for clarification of this topic. There is so much confusion in my family about Socialism and Communism.

[@bluenami7520]

Primitive communism (no class / no government) -> Feudalism (lords and serfs) -> Capitalism (employers and employees) -> Socialism (state managers and workers) -> Communism (no class / no government). That evolutionary timeline will help you keep it straight.

[@bluenami7520]

@Freedom Justice Feudalism was born when someone claimed ownership of land. Capitalism was born when the lords kicked the serfs off the land. Socialism was born when workers formed a government. Communism will be born of technology irradiating scarcity and alleviating the need for a government.

[@bluenami7520]

@Jay Blake You're right I did. I guess I included it in feudalism to not overcomplicate it. But yeah, slavery should come before feudalism.

[@axcel9128]

Bluenami hahah I would replace the „will“ with a „should“ for the last one

[@bluenami7520]

@@axcel9128 Communism "should" be born of technology irradiating scarcity and alleviating the need for a government? Why should? I think it's inevitable. 1000 years from now we're not going to have artificial scarcities imposed just to keep people down so that others can maintain power.

[@ishratfirdousi7182]

Thank you sir. Clear, coherent, to the point. Students must see this. I shall share and do my part.

[@garyfookins9968]

Amazingly informative, so happy I found this channel!

[@lisashung9442]

Thank you Pro for your knowledgeable lecture! Excellent explanation of “socialism”, “communism”, “capitalism” and the good comparisons of the similarities and differences between Soviet Union and China ......”China and USA can coexist and both prosperous! “ However, it seems USA government doesn’t like the idea of coexistence!

[@cheewee1979]

Well when you have the government above the private enteprise, people’s need come before profits. But if you let private enterprise on top, greed dictates! Awesome explaination from professor richard wolff

[@HarryS77]

Only when the people are on top will people's needs come before profits.

[@soonmeteh4150]

@@HarryS77 yeah, that's the chinese political system. it can't prevent corrupt individuals like any country in the world . but they sure prevent bussiness elites get into their decision making process. Jack Ma couldn't Pony Ma neither.. they never let a private entrepreneur to become a politician!

[@advsreeharivs]

Can't vote ..but people first naycee😂

[@GlobalSouthObserver]

Voting isn't that important especially when the media is monopolized by the rich elites

[@yohaneschristianp]

@@soonmeteh4150 That's pretty a good riddance. Imagine chinese version of Elon Musk making scenes in mainland China.

[@nickmick1959]

Super informative. Keep up the fantastic work, it is much appreciated.

[@carlosescudero9845]

Professor, your work is indispensable for a better world. Greetings from Wisconsin. ✌✌

[@TacticalDisposition]

An exchange of ideas is much more preferable to an exchange of missiles.

[@laurengin4581]

appreciate the even-handed nonhostile treatment of China. Rare even amongst leftist tendencies.

[@BigMikeMcBastard]

It should be. Leftists shouldn't be supportive of a nation that engages in "re-education" imprisonment and authoritarian dictator-for-life politics. That isn't worker empowerment, just just another tyrannical capitalist shithole.

[@andrescho4003]

What a great video! Very informative and educational.

[@samgor6423]

China is a developing and transitional society... not a close society.

[@jeffh3793]

Tell that to the Uyghurs and Muslims in the Chinese concentration camps. learn more about your country, and spread yourself out more than the mainland

[@bbyl1485]

@@jeffh3793 Tell Muslims in Guantanamo Bay

[@tuneboyz5634]

@@jeffh3793 the fact that China has WAY more mosques than the US, France combined debunks your corporate propaganda.

[@encesil9506]

@@jeffh3793 brainwashed poor guy

[@Kuasarakyat2]

I found a sour grape here.. 😂

[@ulysses7157]

"A fundamental contradiction does not exist between socialism and a market economy." "No matter to what degree China opens up to the outside world and admits foreign capital, its relative magnitude will be small and it can't affect our system of socialist public ownership of the means of production." -Deng Xiaoping

[@kevchard5214]

This is one of Richards best updates so far.

[@miaobinzhang]

I’d like to flag out a historical milestone in China’s success. On Nov 12th 1978, Chairman Deng Xiaolin visited Singapore for 2 days and was impressed with what Singapore achieved just 15 years after being kicked out of the Malayan Federation with no natural resources including water - all it had was a port developed by the British for servicing it’s opium trade route and serfs brought into the former colony as security guards, coolies (hard laborers) and maids. He asked Lee Kuan Yew how it was possible. Lee Kuan Yew said “we’re largely descendants from farmer, if we can do it, a China can definitely do it better!” And Deng went silent. We then know that Deng officially kicked off the “reform and opening up” initiative on Dec 18th, 1978. He definitely had reforms in mind prior to his visit to Singapore, though it’s noteworthy that the meeting with Lee definitely had significant impact on him. Since then, China have been sending government officials to Singapore for observation trips in their efforts on linkage with the international community. Till around early 2000, China was still pretty much lagging overall except for the direct municipalities of Shanghai and Shenzhen (credit cards were not commonly available in 2000, and Beijing had only 2 lines for their subway - East/west line and circle line, for example). By 2019, China was already at the forefront in many areas, and started to lead in an assortment of sectors between 2010 to 2020, including mobile payment platforms like Alipay and WeChat and the extremely robust mobile shopping, UAVs, surveillance and other cameras, for example. I first visited China Guangzhou and Shenzhen in 1992, just prior to Deng’s supervision tour to the south. In 2000 I visited Beijing for business development in the then so-called B2B2C e-Commerce but returned disappointed because China did not have an online payment system in place (no credit cards). I then went to Beijing for an immersive MBA in Beijing in 2002 and stayed there since, and witnessed and lived through the entire miraculous development and rise of China. I bet no American who has never visited China before could ever imagine how all of everything could have been possible in the past 30 years. The amount of poverty alleviation of the general public (in contrast with how the average American got poorer and poorer), the amount of infrastructural development (in contrast to America’s aging infrastructure with little progress made), clean energy production and electric vehicles (Americans have Tesla 😊), etc. Average wage was 96 yuan/month and minimum worker wage was 36 yuan/month back in 1985. In 2020, average wage for non private sector is 8,115 yuan/month (my sister in law takes over 10,000/month in a government owned enterprise in a tiny 4th tier city of about 1 million population near Wuhan, Hubei), while in private sector it could be on par with American MNC. With that said, “Communist China” may carry that taboo word for Americans or the rest of the Cold War minded Western countries which achieved their current state of democracy over a few hundred years of evolution, it is in fact a pretty typical emerging country/economy. Centralized planning and control allowing for free market dynamics within the steering framework for development is critical for focusing resources driving towards success in the desired direction. While it may sound too much of a flattery for Singapore to say China’s economic reform was modeled after Singapore in its early stages, we can at least say there was heavy reference to the tiny island country, especially as it relates to the SEZs Shanghai and Shenzhen given the uncanny resemblance in rapid development (even including land filling parts of the sea 😂). Singapore had a lifelong patriarch, who guided and steered the country from its forced foundation till he died, and while there were a handful of MPs in its parliament from opposition parties and hence was accepted by the West as a democratic country, it was the same party that led the government from foundation till now, with overwhelming majority seats in parliament (I’m approaching 50 years old and have had once chance to vote, since many districts have walkover wins in Singapore due to lack of candidates to compete for MP seats in many districts in Singapore, small as it is). Largely similar situation in Malaysia. The point is not to debate what is democracy and what is not, but more importantly, WHAT’S EFFECTIVE in make lives better for the people. Scientifically and factually looking at the results delivered by the “evil CCP regime” over the past 3 decades in terms of the good done for its people, poverty alleviation, infrastructural development, safety and security, healthcare and retirement, housing, etc., global internet access (closing an eye on VPNS that permit expats and citizens alike to access Google, Facebook, Twitter, KZbin, Pornhub, you name it) all the basic metrics of human rights and fairly so even the advanced metrics of human rights that a country owes its people, not a single country come even close to China!!! Overwhelming majority of the 1.4 billion Chinese citizens of all ethnicity are happy with the “evil CCP”, and are proud of the “evil CCP and Chines regime”. Support and loyalty to the government is unmet across all countries in the world. Why shouldn’t they? I’d be if I were a Chinese citizen, wouldn’t you? In stark contrast, how many Americans are happy with their government? Many of my American friends voted for Obama not because they supported him but because they didn’t want to vote for McCain being worried he may die on the job and did not trust the candidate for VP who will run the country if that happened. People voted for Trump because they wanted a change hoping he could bring some, and voted Trump out because the changes were too radical for many Americans. Sure, Chinese voters don’t have “a real choice”... but do Americans really have that choice? Or is it just choosing from two sides of the same coin? How many politicians can run campaigns without donors? So why all these smearing, slandering and lies? Same reasons what common people like you and me do. Jealousy and envy. These people run governments and they know they are eating CCP dust when it comes to making lives better for the people, all of the people. Because they know they are funded by the top 1% (less actually) and there are reciprocal obligations that need to be met. Dun matter who. You want to be a MP or Congressman, you’d better have some dough behind you, and all dough comes with obligations. No one’s fault. No system is perfect and I think it’s a well know fact that autocratic governments tend to be more effective and efficient, either in crashing the plane or takeoff to unlimited frontiers. Democratic governments on the other hand hedge against despotic dictators but pay the price as we see in America right now. And the right balance is up for debate and comparison. I’d say that the likes of infrastructural development and public utilities should not be commercialized though, example being the electricity supply disaster in Texas, amongst the many American examples.

[@user-jk5eg9xv2p]

你的话应该让更多的人看到

[@Fux9999]

Super interesting and very well presented. Thank you sir!

[@Darkerxz]

Thank you Prof. Wolff. Your contributions to the working class are invaluable.

[@MrxstGrssmnstMttckstPhlNelThot]

Kinda surprised you didn't mention Deng Xiaoping and his economic liberalizing reforms in the 70s which dismantled collectives among other things, I feel like that is extremely important to this discussion.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@denverattaway9895]

@@qinby1182 I've seen Stigeltz speak live. For a former head of the world bank, he is much more agreeable than the rapacious nature of the organization itself.

[@OntologicalShock777]

They will not tell it, to die hard commie..

[@MrxstGrssmnstMttckstPhlNelThot]

@Dord Dord Don't you have a problem with a party named the Communist Party of China moving more and more towards capitalism while still claiming to want to make communism? I know Mao certainly would have. I know he saw what Deng would likely do coming and recommended he be executed at one point because of it.

[@MrxstGrssmnstMttckstPhlNelThot]

@Dord Dord also I'm not from the US

[@ratnabahadurgurung9850]

Thank you Dr Wolff I love to listened your channal because it's very interesting informetived.And i learned a lot , from your blog.Thank you sir.

[@matthewcaldwell8100]

God, why am I not listening to him every day. I'm sorry, Professor. I will remedy this deficiency.

[@matthewcondie4052]

I am always pleased to hear thoughtful perspectives from Professor Wolff.

[@xavierdeligne3697]

THIS SHOW IS EXCELLANT AND INFORMATIVE AND TO HERE THE TRUTH IS LIBERATING. THANK YOU

[@AbidKhan-lr5wb]

As always, professor it was a very educational and enlightening vlog ;)

[@johannuolotu8810]

Great and sincere analysis without bias. Well elaborated. Kudos.

[@jcrass2361]

You’re insights on the subject is always appreciated doctor, thank you! I learned a lot.

[@patinka816]

Thank you, professor Wolff, this cleared up a few things in my mind. 🙂

[@michaelleungtsu4637]

first time heard a different interpretation of community-sm instead of a mainstream one . very inspirational . BTW, that does happen in local communities in my neighborhood . the local representatives (usually voted by the local community) help make the community a better place in very small ways like trash recycling , helping the elderly , better management of the community funds etc . the local residential community committees are very decentralized and very efficient in running the community.

[@cutnicely]

Enlightening 👍

[@xelakram]

An excellent synopsis. Clear and concise. Thank you!

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@xelakram]

@@qinby1182 Thank you kindly for the links. I'll check them out. 👍

[@qinby1182]

@@xelakram Finding good info is pretty hard, you hardly get it from MSM.

[@xelakram]

@@qinby1182 Indeed, I find this to be so especially in the States, because many news sources in the US tend to have an agenda. They seem to prefer pushing a narrative rather than giving people the facts for them to be able to make up their own minds. For example, FoxNews is a case in point. But on the Internet, too, one has to proceed with caution. There are many websites peddling faux 'facts'.

[@normtrooper4392]

This was once again a great talk. Thank you so much

[@caroleekeith2823]

Thank you for your insight and the work you do. My concern is that deregulated corporate greed will destroy itself. I do not think we can get control of that without a lot of civil strife. In my opinion the difference in China and America, is in how and who controls their military. I'm very concerned we are on the verge of becoming a corporate owned military dictatorship.

[@stuartemmanuel3735]

The US is already on its way to corporate own military dictatorship, look no further than the politicians and CEOs of Mega Corporations, they're so willing to cancel and silence the people they won't as so much bat an eye.

[@davidderidder2667]

Bless you for sorting this mess out for us Professor Wolff. I will be corroborating your input but am impressed by your lucid explanations.

[@GDawg2K2]

20yr of American Edu & I just learned more about the 3 "Super Powers" in 30min on KZbin. Hmm, that can't be good for Dr Wolff!

[@3rdblindmouse544]

Thank you, I was wondering what your views were on the definition of state capitalism, and its relationship to the current Chinese economy. You do good work.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@3rdblindmouse544]

@@qinby1182 Thank you so much for sharing these links. Really good information. ✌

[@qinby1182]

@@3rdblindmouse544 Glad you checked it out and appreciated it. I try to learn and once you find out that the media AND politicians lie TOTALLY WITHOUT SHAME and do not care that we have them "on tape" and will discover they lie, they do not care. When I doubt "Could they really lie about this??" I watch this... 15 year old girl, trained for this testimony to get the 1st Iraq war started. Everybody knew this, politicians AND MEDIA knew she was lying and that she was the Kuwait'y ambassadors daughter but they said "She has to be anonymous for security reasons" This is the most blatant example I know of what Chomsky calls "creating consent" What was also telling is that Human rights NGO's like Amnesty and Human Rights watch "confirmed" this lie. kzbin.info/www/bejne/jGfJY6Bqo5aBjNE I still can hardly believe they did this...

[@qinby1182]

@@3rdblindmouse544 Do not agree on everything China does OR Russia but the do have some things in common, they do improve the lives of their citizens and that is commendable. I also (nowadays) believe what we call "Democracy" is highly over rated. Yes it can work but for that you need an educated electorate and for that you need a working media, something lacking in many democracies. Getting to the point... Many claim that China is a totalitarian regime and have no legitimacy. I ask what gives a government legitimacy? Well public support. In the USA congress have less than 30% support, at least 59% of the country do not approve of the President. Compare this to China China's CCP have the highest approval rating BY FAR among its citizens 80%-90% and this by Western Polling I say, let the Chinese do what they like and it seems to work. While the west say NO you need democracy so you can have stagnant wages and choose between Trump and Hillary/Biden. I am with the Chinese on this one. Should add, they claim Putin is President because of voter fraud but he has an approval rating of >60% he does not need to cheat. www.forbes.com/sites/niallmccarthy/2018/01/22/the-countries-that-trust-their-government-most-and-least-infographic/#4fb74934777a www.statista.com/statistics/1116013/china-trust-in-government-2020/ news.harvard.edu/gazette/story/2020/07/long-term-survey-reveals-chinese-government-satisfaction/ www.pewresearch.org/global/database/indicator/69/country/cn/?mod=article_inline edition.cnn.com/2019/06/01/politics/poll-of-the-week-congress-approval-rating/index.html www.statista.com/statistics/896181/putin-approval-rating-russia/ Yeah I know... got a bit long...

[@3rdblindmouse544]

@@qinby1182 Im afraid I know too well about what your saying. It's sad how its gotten to be this way.

[@Oborowatabinostk]

Thankful for these videos

[@nikki088]

This was salve for my soul, thank you professor

[@twistedoperator4422]

Wolff seems pissed. I love it

[@janerikrasmussen]

the best you have done yet, love it.

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@terrywang9444]

absolutely amazing！

[@Jack-ev1up]

Thanks for explaining this Prof. Wolff!

[@user-mm5qw9mk5v]

Noon and noon professor speech is better than nobody's. Thank you so much

[@qinby1182]

For everybody... This is a piece from the Federal Reserve in St:Luis so really not a "giant China fan" but a part of the USA Federal Reserve and it explains (or try to...) WHY the "road China has traveled" has been AND STILL IS necessary for accomplishing what they have done and NO OTHER COUNTRY HAS BEEN ABLE TO DO. It is pretty short and easy to understand and seems "balanced" i.e. they try to explain from a purely economical view how come it works, in contradiction to many economists like the World Bank and the IMF. I REALLY recommend this since it is "unpolitical" and explains a lot. www.stlouisfed.org/publications/regional-economist/april-2016/chinas-rapid-rise-from-backward-agrarian-society-to-industrial-powerhouse-in-just-35-years Also share some other links that is pretty Balanced. A short one 20 minutes (TED Talk) kzbin.info/www/bejne/qWG8m39vp7-siJI A Long one 1 hour Nobel laureate Joseph E. Stiglitz kzbin.info/www/bejne/f5LaZaFvfr93msU The reason for this post is it gave me a new perspective on the subject and like to share

[@TerranMetal]

What a powerful talk. Possibly even the most powerful edition yet. I love it. ✊

[@canyildiz5966]

Thank you for making our ideas accessible sir🙏 keep up the great work

[@theparadigm8149]

China actually has the largest economy in the world from a microeconomic standpoint. The USA simply has a larger economy based on GDP per capita, but most real economists don’t fully rely on that.

[@petersmythe6462]

"or what" is probably the most accurate answer. It has a plurality of different modes of production from co-op to state socialist to private and more.

[@walkyourdog6584]

The problem with allowing unbridled capitalism.and mega rich, is it puts the real.power in the hands of people that were not elected and do not represent the citizens and who cannot be held accountable. It also does away with FOI and transparency of government.

[@kathryntate6809]

YAY Dr. Wolff!! Let's go forth!!!!

[@scottgeorge4268]

Thank you...very informative.

[@DanBurgaud]

very enlightening . thank you!

[@michaelmappin1830]

Thank You. ❤❤❤

[@HarrySmith-hr2iv]

It was most interesting to listen to Prof. Wolff. He provides many penetrating insights. Here in UK, and in Australia and USA, I grow weary of ignorant people spouting out 'Hey dat China no good, He communist. We are freedom people. Let's give China war.' These people are truly ignorant low life. I've worked in China and I was impressed.

[@hes_alive]

“Is China socialist or capitalist?” “Yes.”