Wolff Responds: US and China at an Economic Crossroads

In this Wolff Responds, Prof. Wolff urges the Biden administration to learn from the mistakes made by the Trump regime in the attempt to halt the People's Republic of China's progress, and instead move toward establishing a cooperative relationship. China's continue economic ascend is unwavering despite the pandemic. Wolff worries that economic trade wars can easily slide into military confrontations, and vehemently cautions against any kind of feud between 2 nuclear powers like the US and China.
Wolff Responds is a ‪@democracyatwrk‬ production. We provide these videos free of ads. Please consider supporting our work. Visit our website democracyatwork.info/donate or join our growing Patreon community and support Global Capitalism Live Economic Update with Richard D. Wolff at / gcleu .
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[@AKBAAR_]

I am from Saudi Arabia, and I agree to his messages. i saw him @ Mohammed Hjiab show, and I am now a student to Prof.Wolff

[@suhailmohammed2395]

Wow! 👍

[@candorsspot2775]

Please take him off our hands

[@barakmoss1691]

I was surprised to see Professor Wolff on Mohammed Hijab show but happy to see it

[@Mr1stcat]

I like how prof Wolff referred to it as the trump REGIME

[@thatgoodstuff1986]

Well trump is a fascist

[@tony3003001]

He pulled a failed coup....back in WW2 that will be a hang for sure

[@michael511128]

Yes yes yes. The US is THE REGIME. China has mistresses around the world and the US has only barking wives at home. I hope China finally conquered North America, put all arms sales, oil and gas and banker and environmental criminals in concentration camps and torture them slowly and painfully. Suffer!>>>Hahaha

[@TheNguyenGiap]

Let´s talk regime again after a few months of Biden´s fascist police state regime

[@Mr1stcat]

@@TheNguyenGiap 😂🤣

[@UtubeAW]

“What will Biden do?” He TOLD us....”nothing will fundamentally change.”

[@politicallil7060]

Biden is the other side same coin... Biden is right the status quo will not change

[@geraldmeehan8942]

I think Biden will have sense enough to end trade war so we don't have to subsidize our farmers, China needs their products

[@potatonoodlebear8035]

@@geraldmeehan8942 I mean, Chineses can buy these agricultural products from other nations. It is just the same.

[@felixsu375]

@@geraldmeehan8942 No he doesn't. Biden just imposed more tariffs that Trump had removed from China. Biden is afraid that the Republicans will paint him as being soft on China. Never mind that that will only help China in a few years.

[@eleanorpolchinski7919]

Thank you for being here . Your telling us the truth . The truth is scary . The truth in-spite of how harsh , is the way to Our Nations restoration. I am 58 now and my daddy warned me of all you teach and it’s Chilling for me .

[@-Zevin-]

Sounds like your dad was a smart guy. Even if the truth is hard sometimes, I think it's always better to confront it head on. The reality for America today is dark, but only through acknowledging it can we fix it.

[@LONEWOLF..314-S-T-L]

AS USUAL 💯 ... GREAT TALKING POINTS MR WOLFF 💯

[@patbranigan6501]

You have 2 kids on the playground one is giving out candy and the other is threatening everyone for their lunches. which one would you want to be friends with?

[@aveuch]

It's candy that will rot your teeth & give you diabetes.

[@toddfarkman2177]

Well the candy has asbestos in it or rat poisoning, so I'd avoid any candy China gave you. The US feeds the world, look it up.

[@jaybleu888]

@@toddfarkman2177 The last I checked, U.S. was hijacking PPEs and facial masks that were supposed to be shipped to the Germans on a tarmac, while at the same time China was supplying Europe and Africa with N95s and PPEs.

[@jaybleu888]

@@aveuch Jealousy gets you nowhere. The U.S. had grabbed all Pfizer vaccines and more than they needed, leaving none for the others. More than 10 millions of those were found missing during transportation and are still unaccounted for. Guess Where did they end up? Pure corruption!

[@tonycaine5930]

@@toddfarkman2177 Its people like you that are fucking America up. America exports only one thing: Wars

[@judahthelioniam7321]

I gives my thumb up before hearing prof comments A respectable perspective from an honorable man

[@franciswong5341]

Professor, your analysis of China is VERY ACCURATE.

[@800_k_7]

Thank you Mr. Wolf, for sharing your thoughts on economic and world event, I can only hope that the Joe Biden administration will listen to people who have life and academic experience and are well intended.

[@ongallianz]

Thank you Me Wolff for sharing. God bless you

[@freefreespeech6722]

Thank you for tuition free lessons 👍

[@tsaiwinsor5644]

Thank you for the analysis.

[@AymanB]

Pleaaaase Pr. Wolff. The GameStop situation. Your insight would be welcome!

[@AymanB]

@Thomas Hellberg Don't be silly.

[@ontheline3077]

@Thomas Hellberg the guy is a professor in economics and worldwide known scientist, who had ran a few businesses before. Go to sleep, Tom.

[@Abbyunlovable]

yeah we need more people talking about gamestop 🙄

[@AymanB]

@@Abbyunlovable We need as many educated opinions as possible. No one forces anyone to listen to all of them.

[@darrenfleming7901]

@Thomas Hellberg Oh yeah in between arguing for the destruction of capitalism and the restructuring of our entire power structure his "agenda" is gonna stop him, right

[@thepchaipoo6577]

交朋友好於當敌人 Make friend is better than make foe. 合作比对抗更好 Cooperation is better than confrontation. 和平遠胜战争 Make peace is better than make war.

[@kathryntate6809]

We must completely end competition and fully embrace cooperation by making laws to protect cooperation.

[@toddfarkman2177]

If you can't get cooperation willfully, force it!! - The Chinese Communist Party (CCP) Maybe someday you'll enjoy being beaten in the street by a CCP goon.

[@kathryntate6809]

@@toddfarkman2177 no, no, no UNTRUE propaganda against China; the Chinese government puts its citizens before all else; if a neighborhood in China starts to go down economically, they banish the official immediately and instill a new one. What are you Farkman? Against true freedom and happiness? Or do you just hate the Chinese?

[@toddfarkman2177]

@@kathryntate6809 Why don't you use your REAL CHINESE name? You are propaganda.

[@renaatceulenaere8131]

Great insight analysis as usual. Thanks. Dr. Wolff what are your takes about Pres. Xi and Jack Ma ? Xi dares to do what in Western capitalism is impossible: anti-monopoly law in practice !

[@kevingarlick4617]

Was very much hoping this was going to be your take on GME. Insightful as always though, thanks

[@scottdeas834]

@Thomas Hellberg Why?

[@scottdeas834]

@Thomas Hellberg Oh cancel, just realised you were a troll.

[@scottdeas834]

@Thomas Hellberg Strange that you assume I'm in favour of the points raised. I'm open to your point of view. What is your take on the video Thomas?

[@scottdeas834]

@Thomas Hellberg Very interesting. What is the solution to world hunger? Perhaps you could post videos with your views?

[@fat_bastard215]

@Kevin Garlick if he was ever going to comment on it, he would have done so already. This WSB phenomenon strikes every socialist cord Prof Wolff ever talks about, so it's extremely out of character for him to ignore it. I'm thinking he has some financial interest that would be hurt if the reddit hivemind wins.

[@rcmrcm3370]

There are also still agricultural communes in China, and some village level coop factories, not insignificant at employment level but they are a relatively small part of the industry output,. They are particularly focused on domestic, not international market, so easily overlooked.

[@anhedonic-voting]

Thank you 🌎 ✊️ 🌹 🗽

[@Dustin_Bins]

Besides....China took the time to build a better The New Silk Road (Trade Road/whatever) all the way to (Iraq/Iran?) to have a more direct trade route with their allies (a simplification). While the United States hasn't updated it's transit system/rail system in order to increase trade and transit from Canada to Mexico and beyond.

[@-Zevin-]

There is even plans for China to expand its already largest in the world high speed rail system throughout its trade networks. Which would be an incredible improvement to many regions. There is currently plans to connect Thailand, Laos, Cambodia, Vietnam, Myanmar with high speed rail, financed by China. Also talks of doing the same throughout northern India. It will be possible in the future to travel on an incredibly modern and fast train from the depth of South east Asia, to the middle east, to Beijing. China isn't just transforming itself in an incredible way, they are genuinely transforming the world around them for the better.

[@turkrane12]

American anything goes capitalism is for the few and the rest of us gets the screw.

[@toddfarkman2177]

And you think China is any different?

[@peacelover373]

Great speech as always，thank you professor!

[@winartotan5643]

Confrontation is never good in human history

[@mytube30005]

Very good advice. However, the damage on the US-China relation have gone beyond at the government level. The majority of the Americans are now see China as their enemy, not ally.

[@allstarmark12345]

Is disgusting. China is the future. Trust in their leadership and economic trends. Trusting in Chinas current leaders is like trusting in American leaders from 1950 to 2000

[@alexwang2419]

Luckily the majority of people still don't determine where the society is going hehe. I'm not too concerned because people like Elon Mask pushed for doing business with Chinese people.

[@charlesqiu6190]

Insightful speech

[@notsoancientpelican]

“They (the Chinese) are not gonna stop what has worked so well”....True; and the U.S. is not gonna stop what has failed so miserably-Also True.

[@toddfarkman2177]

China has succeeded with foreign investment. It's really not up to China to keep it working if that dries up.

[@stephaniegraphie6776]

*No 1: Don't Only Hope On Government For Income,* *No 2: As An Individual Look For Different Self Income Not Only Waiting on Monthly Wages,* *No 3: Always Save The Little You Can And Think Of What To Do With It When It Become Good For Capital.* It's 100% Good To Have Different Ways To Gain Income, because Government have failed us so therefore let's try and survive

[@carolineforbes5470]

Yes ! For real It is very important to have different streams of income and a diversified portfolio as for me I have already invested in crypto which is very profitable and easy to gain

[@renastern9930]

Exactly I'm also happy to start investing too than to have my money sleeping in bank

[@robertchad3605]

Stocks are good but we have to make the right plans

[@stephaniegrey1144]

Yes Stocks are good but they are alot of businesses more convenient than stocks

[@justinejude9261]

That’s the fact well I only invested in stocks and will love to know a better investment too

[@donkeykong516]

America forgot that US growth is based on China’s economic performance

[@cheeahhui2117]

WELL SAID VERY FAIR AND BALANCED ASSESSMENT KEEP IT UP

[@n00bprog]

Thanks for what you do Professor Wolff!

[@terencekwong3033]

Since China joined the WTO in 2001 their GDP increased $13 trillion while the US GDP grew by $11 trillion. China spent that 💰 on infrastructure, education and lifting hundreds of millions out of poverty. Where did US spend their 💰

[@comrade614]

bombs...and the remains into the pockets of a select few at the top lool

[@ozsharpener]

As agreed by all others, bombs.

[@Madferreiro]

FIRST! Richard Wolff is the best! Please make a video about GameStop and how to detect other hyper shortened stocks.

[@RiskyCapital]

Few understand this

[@turkrane12]

Not Trump but the American Military Industrial Complex

[@yu-jd5jg]

Actually, it is the Globalist Deep State that holds the real power in Washington

[@Samsam-dw2tc]

I am your student, sit and listen .

[@mrzack888]

China's GDP grew by 13 trillion since 2001 WTO, and US GDP grew by 11 trillion. Roughly the same. The only difference is how the wealth was spread.

[@owesteen-hansen2152]

How much of the eleven was Ponzi game in USA and in China, and how much was invested in industry, in means of production, must be a relevant question?

[@CarlJones14]

Errr... China just headed North and Amerika went South... no crossroads required.

[@CarlJones14]

@Ben Louis say it as it is.

[@7heHorror]

Nice explanation.

[@ivanlaws622]

Of primary concern is the downstream effect where Education shapes Culture which controls Politics. Corruption of politicians, starts with campaign contributions that make the politician kowtow to the major contributors & China, (the 1%). This is a favorite tactic of many Oligarchs, particularly Corporations. They own the Government. Another tactic has been to create the Social Normalization of Unethical & Immoral activities, giving the credence to then create laws that justify the Criminal Activities.

[@이환식-b9b]

Twin buildings symbol of mechanism between us and china

[@yz1737]

Thank you and wish our politicians will listen by putting people's interest ahead themselves.... sadly our system only grows selfish leaders .....

[@donkeykong516]

US top 5% don’t like idea of mixed enterprises

[@ericshang7744]

It’s not the ‘mix’, they don’t like the idea of ‘public’

[@李明溪-v3b]

Reasonable solution,cooperation is what everyone wants to see instead of resort to force for the reason that the dominant position has been threatened,what really matters is workers' future cause they are the majority of the country.

[@ebalicious1775]

Richard you have to debate Ben Shapiro! You would crush him!

[@mantasalekna3350]

He got obliterated by Epstein and the dude just quoted a book...

[@ebalicious1775]

@@mantasalekna3350 who did?

[@mantasalekna3350]

@@ebalicious1775 Epstein

[@ebalicious1775]

@Ben Louis I don't know anything about him tbh. Is he a free market capitalist?

[@andywehre7912]

Nice vidoe, as always!

[@anthonytwohill9726]

Neoliberalism is an excellent means for seizing capital from the bottom and redistributing it to the top. Financialization is the neoliberal's primary tool and it's been wildly successful for the wealthy.

[@scottdeas834]

I see a few people asking for topics to be discussed. It looks like Patreon is your best bet.

[@rodriguesalberto8481]

(Part 1)PRACTICAL WAY TO CREATE JOBS, AND REDUCE LOCAL TAXES , WITHOUT PRINTING MONEY. An economy based, on speculation and not on productivity, will never fix grave problems that affect people's live. This is why the USA, have been failing, to create well paying jobs, reduce the cost of living, attract money from abroad and cut local taxes etc In this context, we shall consider.GDP growth and stock market amazing performance, does not mean the real economy is working. Instead it shows how the speculative economy and wealthy people is doing well. Do not forget, The 95% of the remaining ones will improve their lives , only when the competition in the labor market, will determine companies to pay better wages and Concomitant,the market in sectors where people have been paying high prices for certain products and services , must work. Like that, folks will pay less for rent, house, energy , transportation, utilities, education , health care, etc Therefore, the metrics that shows if people are living better or no, is not given by GDP and stock market , as Trump beleaves. Citizen's lives shall improve , only when they receive better wages, and pay less for rent, house, food, utilities, energy, education, healt care, transportation. The good news is that, if they are paying high prices,for a given product or service, that means the respective sectors, offer viable businesses opportunities. However, if companies are applying high prices for given products or services and yet, authorities, do not stimulate other players, to compete in the market, that means we have corruption or incompetence. Unfortunatly, instead the FED and authorities, apply what proved science recommend, to fix the respective problems, they commit always the same destructive mistake. Printing money, applying abusive local taxes, etc Why they use to proceed like that? Because, by printing money, in less than a minute, they shall manipulate, both GDP, Stock marked and claimed that they solve the problem. How is that possible? After the cash is printed, it will be budgeted as governing spending and the stupid GDP , will demonstrate, that the Nation, benefited from economic growth.Unfortunately, people will beleave, they solved the problem, and politicians will obtain their vote . To better understand the matter I will invite you to Admmit, the FED printed money and the GOV, budgeted 3 trillions as GOV spending. Suppose, they send all the cash outside the Nation , without using any dollar in the USA. Did you see the manipulative picture? The GDP will growth, just because they wrote in the paper, that the money, will be used as GOV spending.That means, in less than a minute, a Nation is capable to generate a fictive GDP, even if the money is not used in the economy .The only thing that have to be done, is to write it, on the paper, as GOV spending. Therefore, the stupid GDP , does not improve, due to economic activities, but because the money, is written on the paper, as GOV SPENDING.From that moment, no matter how it shall be utilized, GDP will increase and politicians will foolish people, saying that the economy is doing great. To descourage that 70% of printed or borrowed, money, budgeted as Gov spending, supposed to be included in the GDP equation, with the minus signal. Otherwise , Gov will continue to use the same method, to manipulate the GDP, Stock market and hide a profound economic crisis. Even Donald Trump , use it to manipulate the GDP and stock market and claimed that under his administration, the USA had the best economy in the world, and that was not true. If the economy, was doing well, under Donald Trump admnistration, people supposed to pay in every month, less for rent, food, house, energy, utilities, health care, education and transportation. That is evident. When an economy is working well, it is able to generate competition in the market and determine companies to apply fair and correct prices. That means more players are involved in the competition and more jobs are create. As a positive fact the labor market, will face a beneficial competition and be determined, to pay better wages. Unfortunately, that did not occur during Trump admnistration. Folks have the bills, they paid since 2017. Since , instead they started to pay less for them, they even support high costs, that means, the economy was not working, instead it was helping monopolies, to apply high prices and obtain more money from the people. In addition, Trump did not recommend states, to implement certain projects, designed to obtain enough money from abroad. Like that states could had reduced local taxes. Did you see the beneficial picture? By reducing costs, with rent, transportation, house , energy, local taxes, food, education, healt care, people could had lived decently and saved money. Unfortunately that did not happen.By the contrary, statistics published in 2018 showed that more than 70 % employees were living from pay check to pay check. That demonstrates , the USA was facing a tough crisis Therefore, IF JOE BIDEN WANT TO FIX THE PROBLEMS, THAT TRUMP, FAILED TO, HE MUST AVOID COMMITING THE SAME MISTAKES In addition if he intend to build back and better while fixing climate change problems he shall start, by recommending the states, to pass bills, designed to attract billions from other Nations and create millions of jobs. The good news is that, Educations institutes are able to obtain billions, through endowments. Therefore, grave problems that affect the USA, shall be fixed without any FED and financial opperation.That is obvious. Remember Educations institutes, have already billions obtained thought endowments and they can any time attract more resources.Because of that we do not need to print money to fix the problems because what Educations institutes have and can attract are . enough to finance activities that will permit them to bring trillions of dollars, from other Nations. The procedure is simple Joe Biden shall, cut funds to all the states and recommend them to pass a bill, designed to oblige Educations institutes, to implement specific projects designed to attract trillions from other Nations and create dozens millions of well paid jobs. Like that, every state, while receiving less money from the GOV, they will contribute, to help the Nation to reduce its DEBT, deficit and negative trade balance . In terms of good governance, this is what have to be done. There is no other effective alternative to fix the problems.I Alberto Rodrigues I shall challanged any Harvard Stanford PhD POS doctorals or even Nobel prices winners, and demonstrate them, that they can not find a better solution to fix the problems.In fact they know that and they are also conscious that the procedure to print money, is used only to manipulate GDP and the Stock market. Given that creating jobs in every state, while reducing the Nation's DEBT, DEFICIT and negative trade balance, is extremely importante, States, must established severe punishment, for Educations institutes, that may fail to reach established goals. For example If Educations institutes, that deals with pupils over 14 and students, are not able, to attract enough revenues from abroad, both the professors and admnistration stuff, must, go to jail. Until then, as a soft punishment, they can be sent in the first step, to work in agriculture fields. That is evident.If they do not have academic competence , that shall help the nations to reach such importante objectives, they must try new skills, in Agriculture. In a next doc , I will present a list of objectives and projects that Educations institutes , shall implement. The good news is that, several of them are based on activities, where money invested Monday, shall start to bring high profit Friday , and create a relative huge number of jobs in every state. This mean that is less than 70 days a relative huge number of jobs shall be created in all the states In a next doc I will explain how that is possible. Until then you have to consider The USA economy is based on speculative activities and not on productive ones. Since Speculative businesses does not create jobs, and neither motivate people to open new business, it does not help the economy Furthermore, print money to stimulate consumption is profound harmful.That is understandable.Remenber the USA consumption is based on China products.Therefore ,printing money to stimulate consumption, will bring more benefit to China than to the USA. In addition, printing money to encourage investments, is not the best solution, because the money shall be used to finance, unviable activities, or sectors that create pollution. Because of that, the FED, Banks, and financial institutes opperation, does not offer effective solutions, to fix grave problems, that affect the USA This is why, I Alberto Rodrigues as an experienced academic I decided to present an effective , and practical solution to fix the problems.

[@saikatbhattacharya8282]

How usa china detente can be reached ??

[@dannyboy8850]

This is dedicated to Joe Biden. Listen well and develop the ecomony instead of military spending. Expand on trade and building relations instead of promoting tariffs and sanctions. This is you golden opportunity to reverse What the Trump administration had done.

[@bryan17293]

My biggest concern with China is food trade. I don't want to rely on others for food in the states. Grow here eat here. Other trade doesn't bother me accept maybe arms sales. Shipping food from one country for processing is ridiculous. We grow with good food. We have no American made anything anymore. This must change.

[@walden6272]

You can always grow your own garden and raise your own livestocks, Bryan. If you're not willing to do it then you know why we outsource it.

[@barakmoss1691]

I would like to know what exactly makes Chinas’ economy socialist

[@patrickvanmeter2922]

I agree for the most part but I do think there are some parallels in the US for the communist party. The top 10% of the wealth in the US has some similarities.

[@guanda76]

I think it will be better to start using socialist instead of communist with reference to China. The political system in China is still evolving in their unique socialist ideology.

[@owesteen-hansen2152]

China now is a combination of state capitalism and state socialism and more capitalism, because the idea of socialism is democracy also on the workplace and not one party authoritarian and totalitarian

[@lubakaczmar3198]

Professor ask DOD how it all will end

[@tmendoza6]

you can't deal China like they are Americans you must deal with them like they are Chinese. more accurate to say deal with them as the CPP deals with people.

[@tmendoza6]

Trumps approach may have been to direct

[@paulwellman1030]

Would love to hear Prof. Wolff give his thoughts on Bitcoin and it's place in resurrecting our economic system.

[@allstarmark12345]

Chinas digital Yuan is the future of our economic system

[@rcmrcm3370]

Bitcoin is just another form of accumulation. It will only benefit the 0.01%, or it will be crushed. Bitcoin must help concentrate wealth in the hands of the few.

[@samjibinjbinj9714]

U.S should look at what China is doing in Southeast Asia mainland especially Laos with high-speed train, super highways along with Chinese high technology introduction there has secured Southeast Asian mainland which will bring the future for the region especially Laos where the U.S once bombs it during the Vietnam war in secret. With so many years they left Laos in the dust and has forgotten about Laos across the board. It is only recent that some attentions was notice during the Obama administration and then die out later on. U.S has a long way to go and it seem likely now is is impossible to returned to Laos or re-engage U.S/Laos and the future.

[@jmitterii2]

China though is horrible in economic and in un-democratic governance. Essentially, the greedy capitalists to escape taxes from developed nations like the US and to avoid environmental law to find even cheaper labor and to get subsidies from the nation left here to China... as well as other nations of similar circumstances. I know many Chinese both at school, in the Air Force, and working with them... both recall elites, and the one in school (a 2 year community college) at the dorm stated that China isn't really "communistic" any more. It's capitalism, and you only get by if you're among the elites. Everyone else is largely poor. Expats living in China, most now living elsewhere, have many postings showing how most Chinese live particularly outside of the cities as well as inside. During the 2010-2015 the joke was that renting a flat/apartment was like a game of monopoly prices spiked, or your landlord would literally kick you out after the lease was over with no chance at negotiating. Laws are seldom followed, since everyone is essentially breaking some law, it makes it easier if you ruffle feathers with the government or an elite or set of elites for the government to press charges on you. It's weird there. They're not a good example for us to follow. State capitalism and fondling of other developed nations robber barons resulted in a race to the bottom. Sure... roughly 300 million of the 1.4 billion population aren't in poverty. But 1.1 billion remain poverty. And the difference between the 300 million is as stark as the US's. Comparably to India, China is making better with development of hygiene of sewer systems, electrical grids, transport roads and rail much better than India... India's problem is their hangover on their rigid class system coupled with their philosophy on fatalism. They don't have moral imperative to ensure the entire nation has basics of clean sewers, water works systems, electrical, etc. So much of their wealth is allocated not just to the cities where the wealth reside, but literally in districts of the cities where the wealthier and their less wealthy but not impoverished servants reside. I don't see China as a military threat. But I don't see them as some nation to follow. They're just badly corrupt if not more so than our own nation. They largely grew from robber barons of the developed nations: US, Canada, Mexico, Europe, Australia, even Japan to seek ways to reduce production costs by hiring desperate workers or subsidized workers by the state, subsidies for other costs, turning a blind eye to any environmental law or the cost savings to lack thereof, etc. Basically the "elites" of China out corrupted our corrupt robber barons; the robber barons of the world sold us working class for immediate profits to live like, not kings, but gods. Of course, such a system is not sustainable... a race to the bottom occurs while most are poorer are unable to purchase as much as time passes, this requires less and less goods to be produced in proportion to the growing world population; essentially a race to the bottom. And China saw this particularly clearly during 2008 "great recession" when the rest of the developed world couldn't demand anything, China turned on the debt machine building ghost mega cities throughout China as the Chinese Provincial governments attempted to outdo each other with the most lavish city planning. Many still today are largely abandoned, ironically and weirdly some building still continues even to today; this created also a P2P borrowing bubble. China also sought a way to develop international relationships and especially get their people to work as well as collect some assets by providing doing various infrastructure programs in various nations of Africa and in the Mediterranean. And as things sort of picked back up in the other developed nations, China became too expensive as a sweatshop nation, instead many manufacturing began pulling out of China to places like Vietnam, Malaysia, Columbia, Bangladesh, India, etc. A hot potato of sweat shop nations.... gets to hot, they move, when it cools down (wages stink even worse again) they're back. A death spiral race to the bottom.

[@ivanshim8750]

What you suggest will have benefits. The US will not try to govern the world and engage in regime changes. We will become more of a regional power, working to improve the lives of all Americans. This would be the better America-first strategy.

[@jamesmorton7881]

Who will bet on the NAG ? Hello China. Where would you invest ?

[@kyleganse4978]

Once again I think Andrew Yang was best fit for the job. Sadly Biden will not be equipped.

[@solarpunk9994]

Yang was a brazen capitalist who would have only exacerbated capitalisms issues, I mean shit his UBI plan would have crushed lower income families by taking away their benefits and replacing it with UBI. there are smart ways to do it his just wasn't one of them

[@ray9081]

Comment

[@Artak091]

America has allowed inequality run the economy into the ground and thus giving China a chance to catch up. The thing is that China has this wealth inequality as well but they are starting from a lower place so quality of life can only improve. In America we have had higher standards of living than most places in the world for a long time that people aren't going to accept their trickle down crumbs anymore, we also expect our quality of life to go up but ours has less room to grow unless the wealthy stop abusing the system. Just my 2 cents. I'm open to other opinions.

[@-Zevin-]

So for one America doesn't have higher standards of living than most places in the world, I believe that is demonstrably a myth. We may have higher standards than some places, but not most. Standard of living is also pretty subjective. I lived in Thailand and made poverty wages and my standard of living was higher than living in the USA on $50,000 a year. Everything is far cheaper, more convenient, safe, excellent cheap healthcare. This is true of many "poor" countries. The US dollar value is irrelevant to quality of life, unless your entire quality of life is based on foreign imports. Sure a Sony PlayStation or imported car etc. is going to be very expensive and proportionally harder to obtain because of lower wages. However everything else is proportionally cheaper, you can get a cooked meal of healthy seafood for 1$. Sure in China they are starting from a deeper level of poverty, that's a totally valid point. However what is important to recognize is; China has raised 800 million out of poverty and they have done it in record time. Average Chinese workers have seen their wages increase 5x in the last 20 years, While American wages have been virtually stagnant for the last 30+ years. China did this in record time, and is on a fast track to provide a higher quality of life to many of its citizens than America does to the bottom 50% of this country. China genuinely deserves praise for this, which is something you never hear because a new cold war is ramping up and likewise so is the anti Chinese propaganda. Further food for thought on quality of living and poverty. A interesting, if anecdotal story. A friend of mine who is a doctor did volunteer work down in Guatemala in a small native American Mayan community. He starting going there back in the late 1970s. Dirt floors, no electricity or running water. Living much like their ancestors did 500 years ago. Genuinely happy though, great sense of community, song and dance, hard work but lots of leisure time too. Then these poor poverty stricken people were introduced to the wonders of the modern world, electricity through generators, a small corner store with candies and exotic foods, money, TV. Later a small business even opened up a textiles factory. Now the people could work in the factory to get money, and then they could use that money to get the gadgets and sweets from the store, now they could have TV in their modest homes. Fast forward to today. Their idealic peaceful village has a heroin epidemic and a major obesity problem. Also suicide has claimed the lives of multiple people in the last few years. The people of the village no longer work to take care of themselves they now work to survive on money. Farming is becoming a thing of the past. Most people work all day, buy junk food and watch tv for hours on end. At least they are less poor now on paper, the world bank and international monetary fund will claim more people raised from poverty.

[@paulbattenbough1002]

@@-Zevin- brilliantly put. people don't realise that average life expectancy in China was 35 up until the Great leap forward. Mao changed all that, though of course western propaganda paints a different picture and unfortunately it is the propaganda that US citizens cling to and Trump doubled down on. Basically it is trying to stop socialist policy spreading because in China it was a communist revolution that brought about change. And the US crony capitalists know socialist policy is about equality and sharing which is the exact opposite of their greed principle

[@-Zevin-]

@@paulbattenbough1002 A book I recommend on that time period is "The Battle for China's Past: Mao and the Cultural Revolution" By Mobo Gao. A very well sourced and researched study into China's history during that period, and is a pretty strong refutation of the typical cold war narrative. Pretty convincingly discrediting some very poorly researched books on the subject that are somehow treated as authorities on the matter in western academia. It's hard to believe but true that you have some of the least scientific books, some with literally no citations and no first hand sources and these were deemed credible during the cold war. If you are writing "history" books and you don't even have citations, you aren't writing history at that point, it's more like amateur fiction.

[@lubakaczmar3198]

Question of food insecurity massive environmental degradation and lots and lots of old people and shortage of females hum

[@appearances9250]

Here from Mohammed Hijab

[@candorsspot2775]

Lol no to Communism brah.

[@willyablowme2274]

but america is back..watever (lol)

[@peterlucas4641]

*No 1: Don't Only Hope On Government For Income,* *No 2: As An Individual Look For Different Self Income Not Only Waiting on Monthly Wages,* *No 3: Always Save The Little You Can And Think Of What To Do With It When It Become Good For Capital.* *It's 100% Good To Have Different Ways To Gain Income* *Because Government have failed us so therefore let's try and survive*

[@leonardstone9013]

Yes ! For real It is very important to have different streams of income and a diversified portfolio as for me I have already invested in crypto which is very profitable and easy to gain

[@ronaldroy3066]

Exactly I'm also happy to start investing too than to have my money sleeping in bank

[@malikmuktar6665]

Stocks are good but we have to make the right plans

[@dianatyson6511]

Yes Stocks are good but they are alot of businesses more convenient than stocks

[@dividendsandincome6986]

That’s the fact well I only invested in stocks and will love to know a better investment too

[@gavanhillebold3131]

Chinese are catching up ??? Hahaha okay Chinese have officially passed the US as the #1 economic powerhouse. The US is eating their dust. Like watching the legendary Usain Bolt run 9.5 in the 💯m SEEE YAAAA

[@chanhungkee7141]

Excellent advice.

[@weiskl887]

For the American people their Real enemy is Wall Street and their own Corporations that refused to invest in the long term economic dynamism of America. Refusal to change the Economic model of Short term profits in stock market based and real estate based. Tech sector is about eliminating jobs instead of creating more jobs. Investments are not driven into Real economic sector that requires Patient capital. Wall street and corporation in US are only interested in short term profits, quarterly profits and corporations are punished if they do long term investing as it does not produce quarterly profits demanded by Oligarchs in dividend and stock price. US Foreign affairs department is about Hegemony and maintaining Empire using Military to Ensure US can Dictate Economic rules to the detriment of other Countries. Who wants to cooperate with a Country that is impoverishing them? Which explains why even Vietnam isn't interested in any Military adventurism with China. They love US military protection but will not participate into attacking China causing economic collapse. China is providing Economic growth and opportunity for Trading nations. Who wants to participate into destroying their Best customer??? Its pretty simple really America's problem are Internally caused not externally caused. Its driven by Monopoly each sector carving up their own economic fiefdom then charging monopoly prices and refusing to invest into unprofitable or less profitable areas. Amazon isn't expanding the small business sector but killing them off to take over. Ali Baba does not kill off their small business customers but expanding their Access to the Market. China is creating and pursuing Anti Monopoly practices while US is normalizing Monopoly. Chinese Govt is providing Universal access to internet while US corporations is providing only access for those who will pay the Most and even refusing to provide access as Public good like roads. In US history Roads were actually built by the Military budget not private investors. US infrastructure today is still those built thirty to forty years ago. The US can have explosive economic growth in infrastructure sector but no corporations are interested to invest five to ten years with low returns. What they want is exorbitant Profit margin. What that means is fewer projects but highly lucrative. Also Auto industry will lobby to stop it as it will cause lower auto sales LOL.

[@josephleardi6952]

Do you think their practice of intellectual piracy had anything to do with the success of the Chinese, or how about that disaster of NAFTA that allowed our good paying manufacturing jobs to be exported to foreign countries without any regard for protecting the working class of this country? With the capitalistic system, it's always profit before humanity, that's why we're failing to keep up to the rest of the world and falling behind in our success. We have a group of oligarchs deciding what they think is good for them without any thought of how it's going to impact the rest of the country, the stock market is going crazy while millions are facing eviction and starvation and none of them care one whit about it, their solution is to go find a job even if there are no jobs to be had or finding a job that resorts to economic slavery by underpaying the employees. The choices are dire and the rich and privileged can't be bothered with their situation, even though they contributed to the problem at hand by not paying their fair share of taxes and under employing those that work for them at slavery wages and in some cases, very poor or even dangerous working conditions. They have idolized the "almighty dollar" and completely ignored the physical law that for every action there is an equal and opposite reaction, and their pay day is going to be catastrophic when it occurs. Just a thought from an ordinary person.

[@JenHope118]

As usual, prof Richard Wolff is spot on! 👍

[@topherdalrymple6535]

Why this man doesn't have a spot on Bidens economics team is beyond comprehension.

[@thepchaipoo6577]

A comparison of Private enterprises of the Capitalism (the U.S. Economic model -- Private monopolised coporation) and Socialism with Special Characteristics of China (China's Socialistic Economic Model -- State enterprises + Private enterprises .) 资本主义民营企业（美国经济模式-私人垄断企业）与中国特色社会主义的比较（中国社会主义经济模式-国有企业+私营企业）。

[@stmounts]

The free market has seen hundreds of US companies invest in Chinese manufacturing etc. Here are the top 10 US companies in China, I wonder how many Trump has shares in? No 10 Hewlett-Packard No 9 McKesson Corp No 8 Ford Motor Company No 7 Valero Energy Corporation No 6 General Electric Company No 5 General Motors Company No 4 Apple Inc No 3 Chevron Corporation No 2 Exxon Mobil Corporation No 1 Wal-Mart Stores Inc

[@smhsophie]

Why do people care so much about the gamestop situation. The stock market is a distraction

[@richardteo1886]

Totally support.

[@Poncho758]

You need to work on your speaking ability stop dragging out your words. My god

[@MAchannel2024]

Prof Wolff I totally agree with you the US is handling the China relationship poorly. However, we KNOW China does not play by the rules and we cannot let them run around freely after we see what they did in Hong Kong and what they are doing to the Muslim Uyghurs. On top of all the IP theft from US institutions. Therefore, I don’t think it is as simple as u make it sound by dealing with them fairly when they don’t play by the rights of humans.

[@j99j99]

Ignorance is your core strength ?

[@SchkuenteQoostewin]

Wolff, this is where I disagree. Have you seen what Xi is doing, how he took away Hong Kong's independence. That is a very dire product of China that we will see more of.

[@darrenfleming7901]

Remember when Barack Obama praised Cuba's education system? Praising the economic system or the institutions of a country is not the same as praising their morality. Its not black and white, the choice isn't "I support China" or "I oppose China", that's a false dichotomy created so you don't question "your side". Saying that China's economy is much much more efficient than any western country isn't an opinion, similarly saying that their wealth comes at the cost of personal freedom also isn't an opinion. This video isn't a "stance" on China, its an analysis.

[@owesteen-hansen2152]

He has talked about Honkong in another video. Do not expect him talk everything in 9 minutes. It is not possible to talk sbout everything within the universe at the same time.

[@vtep6899]

Has Hong Kong been independent before the reunification? Was Hong Kong democratically governed during the British colonization era?