Richard Wolff: Real wages in China quadrupled while real wages in the US stagnated

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"We are living through a fast-changing world economy. The dominance of the US since 1945 is now ending and being replaced by a Chinese-led multi-polar world. This in turn changes the nature of capitalism and the prospects for socialism. This talk explores the links among all these developments."
Richard Wolff is a Professor Emeritus of Economics, University of Massachusetts, Amherst. He is currently a Visiting Professor at the New School University in New York. He is also a co-founder of DemocracyatWork.info and its weekly radio and TV show "Economic Update." See also democracyatwork.info and rdwolff.com.

[@malin5468]

I am surprised that Chinese wages have only quadrupled in China over the last 40 years. I was a student there in 1979 and the Chinese were dirt poor-and I mostly saw the better cities. I think it was the second time I went back, in 1985, that I heard the phrase “wan yuan hu” or 10,000 yuan household. That referred to a household whose total wealth-not incorrect-was 10,000 yuan, about $2000. I started feeling a bit poor on my trips to China around the year 2000, and now it is just embarrassing.

[@Leoq-zk6wt]

I'm not good at math, but is quadruple meaning x2x2x2x2? that's about 16 times? is that a lot?

[@PhiloSurfer]

@@Leoq-zk6wt No, quadruple simply means 4 times. Quadruple does not mean double, double, double, double.

[@Leoq-zk6wt]

@@PhiloSurfer ok, thanks!

[@lkchoh1454]

Time is money. Worker worked 12 hrs, compared to worker worked 8 hrs, is the same paid. Capitalist ate his 4 hrs work by signing 2 year contract. Then invested new machines and kept ate 12hr-worker work hours. Karl Max known it.

[@apostolostvable]

Part of Purchasing Power Parity as well is how far a nation's currency can get you. I could be wrong, but I believe the equivalent of $1 in China goes further?

[@anthonyfong7714]

Appreciate your information. Greetings from Singapore 🇸🇬

[@lilithlives]

"The goal of oppressors is to limit your imagination about what is possible without them, so you might never imagine more for yourself and the world you live in". - Ashley C. Ford.

[@DRpokeme]

The addage, ' Thing like this can't last forever, and they usually don't '

[@skutchBlobaum]

If our country cared about its workers it would have organized labor in other countries instead of lowering our wages and standard of living down to that of developing countries.

[@alfred-vz8ti]

that's why democracy is necessary. when the people rule,they take care of each other.

[@user-ci5rv1cv5l]

professor Wolff... I work in manufacturing, and the new CEO in the last 2 years is doing everything he can to send manufacturing overseas to keep the shareholders and his bonus happy. In the last 2 years the work load has seen a significant decrease. We had 2 series of lay offs with another coming in February. Certain departs has completely shut down. What can really can be done to reverse this ideology. The bonus of this CEO of 10% was $950,000. But average workers get 2-5%, while inflation out grows that.

[@fannyalbi9040]

read his book “the illness is the system” in america. and it is not easy to change or should i say stop fantasy about single silver bullet

[@davidgore1435]

Yeah I never was in a Democratic Institution on all levels my wage my Housing opportunities, yeah it's been two America's unfortunately I guess I fell in the Ladder Part upon which Mr Wolf warned and cautioned about all my life here and many like me 7:52

[@anthonyvasquez486]

Thank you for the class lessons for free even - I sure learned a lot - could you get into the college elector and popular vote - I just now learned a little about that subject - I really don't think most of us knows how that really works at the voting booth - I didn't - now I'm at the point of why vote - I'm not voting for president only his crony's at leas that's what I'm getting - anyhow thank you very much for your time to educate us -

[@Who_Let_The_Dogs_Out_10-7]

I'm in my 60's. I've been voting since I was 18. I only recently learned, through a YT reply, that the President has to earn 270 Electoral Votes to win. If nobody gets 270 votes, the House elects the President and the Senate elects the Vice-President. WTF??? If we have 3 people running for President, maybe nobody gets 270 votes, and American citizens don't even get a pretend vote?!? You've picked a fascinating subject to look into!!! Best of luck! And please share what you've learned. I know I"m still learning!

[@anthonyvasquez486]

well I'm learning most of us think were voting for a president but the reality is the running president only needs to focus on the states that have most college electoral that comes down only to a few key states so my guess is YEP the system is rigged i don't know how most of us got that WOOL in our eyes - and with the economic empire changing hands to china - makes the average person think what's really going??@@Who_Let_The_Dogs_Out_10-7

[@davidgore1435]

People be avoiding the comment section when the truth comes out look around you you can't hide from what this man saying maybe because of guilt

[@sandybanks2727]

Under which system are the workers in a democracy?

[@alfred-vz8ti]

not a foolish question. in athens, and in helvetia, the test is, 'are you born here, to an athenian or swiss mother.?' and in both, are you a man? citizenship depended on fighting in defense of the state, and women didn't do it. but now they do, so the swiss finally let women vote. the short answer, is 'nowhere.'

[@alfred-vz8ti]

a better question is, which nation is a democracy? answer, none, with a note that the swiss were nearly there, but are losing it

[@alfred-vz8ti]

i am pleasantly surprised to see dr wolff inject a notion of political consequeence in today's talk. but he skipped over the hard part: thing's will never get better, until the people rule. democracy necessary. nothing else is of consequence. if a speaker doesn't demand revolution, listening is a waste of time. naturally, calling for revolution could be unhealthy. so no one does it. not since che got suckered into visiting bolivia. and political speech gets applause, but doen't stir action. sorry, guys, if you won't fight, you can't win.

[@murdadacase]

So true

[@markrice3019]

😀 😃

[@qake2021]

👍🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦➕️👍👏👏👏✌️

[@corallynnewman3536]

Would you admit that America's forever wars area kind of job creation scheme? The rich get richer by buying shares and the poor get maimed and then qualify for social security.

[@donaldsmith7824]

Falling on deaf ignorant ears.

[@kensho123456]

lmao LOL rofl etc etc.

[@clarestucki5151]

But the quadrupled Chinese wages are still far below the 'stagnant" U.S. wages, right? Wolff is not only ignorant of Economics, he's ignorant of simple math!

[@kittyfeline6857]

Is the PROFESSOR ignorant really? I'm sure comparing the cost of living to ours makes the difference.

[@MichProgNerd]

Ignorant for being an economist for 1/2 a century. 🤦‍♂️ If you don’t like Professor Wolff’s views, then watch Fox Business, DNCNN, Joy “boo hoo get a job” Behar, Ben “having two more jobs is a you problem“ Shapiro.

[@MichProgNerd]

Then go watch Fox Business or Ben “retirement is a stupid idea” Shapiro.

[@RivenRock300]

So , Mr. Wolff what do you suggest should be done ? Everything your stating is common knowledge , even known by the useful idiots. On and On your RAMBLING and not suggesting any solution .

[@veronicasanacion]

The solution is common knowledge. I guess you would know what it is given the arrogance of your comment.

[@wnklee6878]

@@veronicasanacion Since when solved common knowledge anything in a plutocracy? kzbin.info/www/bejne/naa0qGakiNCLg7s

[@bobbylow175]

If he is rambling then why are you staying around listening. As in Obi Wan Kenobi's famous words "Who is more foolish, the fool or the fool who follows him?".