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Socialist Richard Wolff Tells the Truth About the Chinese Economy

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Economist Richard Wolff Tells the Truth About the Chinese Economy
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Текстовые комментарии (231)
Voranart Sirisubsoontorn (14 часов назад)
Using brain and simple accounting I know that what communist china spend is ten time over what communist china earn.
Mike Reiley (3 дня назад)
Screw China you socialist bastard.
mjgarrett9885ify (4 дня назад)
bullshit ! Leo Wanta fund's makes america in the front . CAFR Report shows that only america has fund's . when the Wanta fund's is found and added up it will change everything!
Yee Ah Fong (8 дней назад)
you are honest man you talk honestly i like you so much'
HD Candela (12 дней назад)
Yes, and many US corporation were supporters of NAZI Germany until war was declared.
denver sexton (12 дней назад)
Has the left always supported slave labor?
denver sexton (12 дней назад)
What does the average citizen make yearly in China?
denver sexton (12 дней назад)
What's the difference in population?
Vincenzo (16 дней назад)
Soon, China will spawn its version of Bezos, who'll out-billion Bezos. Doesn't matter which nation has more sales. As long as Capitalism (regardless of its disguise) keeps its bloody jaws open, swallowing and degrading finite resources (like clean water), it's ultimately all over for Homo sapiens(?) on this lovely planet. Seven or eight generations (250 yrs.); Buh-bye!
steve park (21 день назад)
Richard Wolff is a total fraud Marxist socialist snake oil salesman. Socialism had failed miserably everywhere it has been practiced. And he’s been knowingly peddling this toxic ideology. “Socialism works only in two place: in heaven where they don’t need it and in hell where they already have it.” says Ronald Reagan. If you want to learn anything useful, go listen to Milton Friedman. Utopia does not exit. Capitalism is not perfect but you are free to make choices. Don’t blame others for your bad decision or bad luck.
borntoprep (23 дня назад)
there are no profits in a socialistic country, china is making money because they are switching over to a capitalist country, the workers are going to start wanting a good wage and unions, when that happens china will start going down hill.
jjhot254 (23 дня назад)
yeah ok
Steven Erickson (25 дней назад)
I travelled China this year for a month and was in awe of the scale and breadth of their development.
eric moss (26 дней назад)
I don't think they could have done it without (a) the American executives outsourcing our jobs and manufacturing technology so they could pocket the savings, and (b) absolutely destroying their environment -- what they have gained financially they spent in clean air and water and habitat. Also, we shouldn't be surprised that China is growing far faster -- there is a lot more room for growth starting from where the US was in roughly 1900 than where the US was 10 years ago. The things that should concern us are that while American productivity doubled over the last 40 years, wages have stagnated, and if 1.5billion Chinese start living a middle class American life, they'll totally destroy what's left of Africa to get it. As bad as American business is at stewardship, the Chinese are like a comet hitting the planet. Just look at shark finning and ivory for two small examples, and multiply that by 100.
Sonrimos (27 дней назад)
The only thing you don't see is that this growth in China is just like the growth of the Soviet Union in the 20th century, exploding in the beggining, but then stagnating and finally crashing, first because the government reallocate resources like labor from agriculture to industries, which then provide this boom because the industrial sector is much more productive, the heavy control of the government over the economy just destroys competitiveness, and then the economy stagnates because there is no incentives to innovation, and then it crashes because of false expansion of credit (through printing money or lowering interest rates). To anyone interested in really understanding how an economic cycle works, study Austrian Economics, they saw the crash of 2008 coming and they see another one in the chinese market, and in the united states.
twenlil (29 дней назад)
About 35% of the world’s GDP growth will come from China this year. “China is simply too big to ignore,” says Mark Matthews, Head of Research in Asia. In the interview, he explains why China doesn’t have to be too much worried about the trade conflict with the US and how it wants to become a high-tech powerhouse. https://www.youtube.com/watch?v=qlzHyO1vpx8
Peter de Luca (30 дней назад)
China: Ghost cities, zombie SOE corporations, incredible debt that finances its bubbles, manipulated foreign trade.
Armando Calderón (1 месяц назад)
Es una dictadura.
Richard Morley (1 месяц назад)
You can not trust China
Cooper Rush (1 месяц назад)
This is great, but I feel like his argument would've been more convincing if he explained why China are doing so well in comparison to the west. It's because China had a wake up call after the 2008 crash, they began to re-socialize the economy.
Paladin Mycenia (1 месяц назад)
more hollywood than education, perverse reasoning and half truths/leaving out the socialist lies
Josiah Suarez (1 месяц назад)
D:
Steven Speece (1 месяц назад)
GHOST CITY - Inside the Chinese Housing Bubble https://www.youtube.com/watch?v=BcyYyyaPz84 Why is Everything in CHINA FALLING APART? https://www.youtube.com/watch?v=o9eXi3RL8q4 100 Million Chinese Lose Their Homes https://www.youtube.com/watch?v=ZEYMCTSud7A Communist China - My Dad's Sad Story
Derrick Bentham (1 месяц назад)
Good show Dr Wolff, thanks
Levine Levine (1 месяц назад)
USA has been on the decline ever since it adopted more socialist policy. China has been on the incline ever since it adopted more free market policy. USA claims to be the princess of peace but wages 7 wars for 17 year; claims to be the champion of human rights but operates Gitmo, Abu Graif, and CIA rendition centers in Eastern Europe; claims to be the wealthiest nation on the planet but is in fact the world’s greatest dead beat debtor who resort to the printing press to repay its debt. China is the opposite of USA. China is not at war; operates no death-torture camp; is a creditor nation.
Brandon Gan (2 месяца назад)
WHat he said is not true
William Yuen (1 месяц назад)
Re-watch at 4:40 and see how good is this professor of economics.
Esta Medley (2 месяца назад)
I guess if you chain woman and children to there work stations. They can make all kinds of junk to sell dumbass people
Zombie Killa (2 месяца назад)
they are printing money, to build as much as possible, for no reasen ,because what they build will nobody use. nothing they build will substain
ולאָזטאָ ולאָזטאָ (2 месяца назад)
Oh Mr. you lost me when you cited Trump's "having to qualify his noisy protestations about the Chinese." SERIOUSLY? You think Trump is doing things after doing some analysis of the situation? HAHAHAHAHA
James Wood (2 месяца назад)
Never trust a socialist.
Bill Limpert (2 месяца назад)
I see trump doing the best he can with the crummy hand he was dealt! Go trump and roll tide!
jason wolden (2 месяца назад)
I don't know if you guys are saying this and I'm not trying to be mean just trying to be honest here most of you leaving comments on here seem to have a hive mentality
Truth Seeker (2 месяца назад)
Zionist propaganda
Alicia Dede (2 месяца назад)
The only truth related to Socialism along History has been FAILURE!! May you don't like, & sincerely I don't really care. The Berlin Wall was built to keep people inside the "proletariat paradise" not stopping the Westerner proletariat to get in, like Trump's wall. Cubans escape from Cuba, I haven't seen yet one single American taking a raft & risking his life so to get to the Cuban Paradise. Perhaps you, Wolff, could give the example & be the first to do it & show us the fantastic Cuban Socialsm, but taking no USD or credit cards, NO TRICKS. You must live exactly the Cuban people do. The Socialism works while Wealthiest & Middle class can afford all that ball of mediocre loafers wanting to live on everybody else just because! when there's no money ( let's put it clear: CAPITALISM), Socialism simply collapse. There are many of us still alive who have seen the situation before they collapsed & after they collapsed. China is rich on capitalism, not on Socialism. All what Mao Tse Tung achieved was to create the perfect recreation of the West in the 1800s, to give Western corporation exhausted of Western workers unions demands, a whole land of SLAVED workers who can not even protest or demand or sue anybody. The Corporation pays the Chinese Gov & Chinese pay workers "as they know the better". When the VW moved to China in the 90s a Chinese worker would get 35 USD a year. You tell me where in the Western world the working class can be exploited that way. Nowhere, only in Socialist/Communist China. The same happened with Eastern European citizens of former USSR & satellite countries working for 50% less than any Westerner European worker. The explotation in Cuba is not different. The Cuban regime sent "doctors", who then proved to know nothing about medicine, to "left" South American countries. While the regime cashes USD 10K per doctor every month, Cuban doctors who live in South American expensive countries only get USD 200. Is this enough, sir, or you need more examples of Socialist plan to create cheap labor mass & then exploit them as they "know the better"?
WHAT UP (2 месяца назад)
Look at Japan, Taiwan, or Korea, they all did the same thing. Fuck off loser.. You don't know history. Cuz you would know that as countries develop these types of policies is benificial. But as the develop they become less so, because having a overarching body ruling onto your company telling you what to do is extremely damaging to the economic plan of the said company.. Just look at the biggest companies in the world, and check which ones have a state ownership. You will see that they all are CHINESE(and they're losing market value a fuck ton). but again herp derp you're genuinely retarded. Or you really enjoy being told what to do. which makes you a bitch.
Miguel Bessa (2 месяца назад)
The speaker is going through all the rubbish all media reports talk about China. China grows much faster than the USA - WRONG. Li Qeqiang explains why GDP growth in China, not only is propped by ever redundant economic activity (building too much of everything) and the GDP growth numbers are cooked nicely just like the unemplyement numbers...Oh, and by the way, there is the chinese debt clock bomb... Yes, that's right, too much of it at a developmental stage where there shouldn't be as much. Chinese tax revenue isn't enough to service the debt from the state (wich is only part of the whole national debt), not only because chinese people aren't rich enough for that and because the state is too ineficiente collecting taxes. The large part of the spending spree in the chinese economy/society is achieved through credit/debt.
JJ (2 месяца назад)
Have you been to Ohio, Indiana, Wisconsin, Detroit, Muncie IN? Have you seen formerly strong manufacturing cities now a wasteland of vacant factories? Then go to North Carolina and ask folks there. Wake up!
oldman43 (2 месяца назад)
China started from a very low base so of course they are going to grow fast as soon as they started following a more western style of economy. However once you take into account the difference in population America is 6 time richer than China.
Vulcan750L (3 месяца назад)
This guy seems to forget there is another very large country called India, and a continent called Africa, and a region called Eastern and Western Europe, and there is Japan and the rest of Asia, and Mexico, Brazil, and the rest of South America. China is not the only game in town. The US, Japan, India, Australia, The Philippines, Vietnam, Malaysia, Indonesia, and the EU may see the Chinese as too much of a threat to world peace and may place sanctions on China, like we did in the past, like we are doing now with Russia, North Korea, and Iran.
Shri Krama Lei (3 месяца назад)
??? Wrong analysis ! Buying out its own economy up to 350 % GDP is not a real economic progress, it is fake, as all made in China, [lol] only a tiny percentage of Chinese profit from that artificial boom, 90% of China is becoming poorer, than ten years ago, I am living in Asia, and the real picture is one of doom ! Not progress ! just read the ''Max Power'' comment below, this video above, made by someone who does not know the ground reality !
Douglas Jacobs (2 месяца назад)
Shri Krama Lei Do you mean all those huge ghost towns built and continues to build that nobody can afford to live in is a false boom? Do you mean that Vietnam and other countries don't approve of China's claim to their fishing and mineral rights by building artificial islands? That's crazy talk.
Dr.Gavagai (3 месяца назад)
okay i'm a marxist read karl's paper since 1840s since i was 11 y/0. it's ok to be a marxist/ socialist , only when u CAN tell the difference between marxism and "in the name of marxism" china is in no way a marxism / socialism system, it's almost like the most bloody kind of capitalism , like british workers in the 19th or german peasants who can't gather enought woods in the forrest to make a live ..lol doubt me? check out the words from chomsky, or i'll recomend u some chinese proff who expalined that well if u read chinese LOL
Daoistify (3 месяца назад)
The fundamental premise you base your conclusions on is false. Retail products bought in China are made in China by Chinese workers and Chinese companies. American products in China with the exception of cars are almost non existent. Ok, there is Starbucks, KFC and McDs but those concerns are managed by Chinese with Chinese workers. Companies like Apple and Microsoft operate there but their products are exported while the Chinese steal their technology. Why any American company operates in China is a mystery. My guess is just a few elites benefit from it while the American worker is the biggest loser.
Daoistify (2 месяца назад)
Joe Most Apple products produced in China,especially phones, are exported to the USA. BTW, I don't need to go to class. I lived/ worked in China.
larry elliott (3 месяца назад)
Richard Wolff is the equivalent of having a steady drip of mercury and lead introduced to the world's water supply Mercury to destroy the nervous system Lead to reduce a human to an intellect equivalent of a potato Drink of his poison till you are ready to be finally exterminated as the useless vegetative creatures you become It's always been this way down through history and always will be Wolff is like any dangerous organism It reproduces no matter how many are killed off by the antibodies (the sane among us) and the cycle repeats
JJ (2 месяца назад)
Just like the US: invade, destroy people and their country, all under guise of democracy.
Resplendent Moron (3 месяца назад)
Re: retail sales in China: domestically-produced goods (and some imported things, even) are cheaper there, too. The scale is more mind-boggling than you're getting across.
Srinivasan Kuram (3 месяца назад)
There are enough indication to suggest China economy surpassing us in near future
Christian Libertarian (3 месяца назад)
I strongly caution against making future predictions base on a linear extrapolation of current trends. China has undergone a rate of transition that is unique in the history of the universe. But the actual transition is not unique. Japan and South Korea paved this road. Extrapolating the Japanese growth rate from the 1970's would put them an order of magnitude above the US today. That didn't happen. Three "lost decades" in a row. China faces the same issues (an aging population, for one, inappropriate capital expenditures for another), but doesn't have the economic freedom seen in Japan. It is reasonably likely Chinese growth rates will level off. It is possible also that leveling could lead to revolution.
Alan Wang (2 месяца назад)
Christian Libertarian we don't need democracy,cos it's a failure ,look at the US rascism, home invasions, drive by shootings ,we don't need all that here.
Christian Libertarian (2 месяца назад)
A peaceful "revolution" would be best.
Alan Wang (2 месяца назад)
Christian Libertarian I'm Chinese ask me whether I want a revolution,I do i got my education in north america and came back to China to help China to become the most industrialised country in the world ,and that my friend is our revolution
Zhonguoria (4 месяца назад)
Since 2001, USA has been creating a FEAR-based economy! EVERYTHING being sold to you is about security! Dept of Homeland Security mandates you BUY security... It is in every fabric of your life....and you don't even realize it! Then there are your discretionary purchases - based again... on fear! They are, and have been, indoctrinating into your brain for years that everything from China is defective, poor quality, toxic, etc... Don't be stupid. USA is a corporatocracy, and these corporations OWN the US government - including US Food & Drug Agency. China is simply their competition! They want to scare you away from their competitors and towards their own products. Years ago, they said fat was bad for you, coconut oil was bad for you. Then they invented margarine at the cure. Now margarine - anything from the laboratory is bad for you, and natural fats are now good? This proves US government has been lying to its people for decades.
Peter Nachtwey (4 месяца назад)
Wolff, you think China is so great then move to China. They might welcome a Marxist. The Chinese have ignored many problems like pollution. Whole sections of cities are clear out so new high rises can be built that are too expensive for the people that were there to live in. https://en.wikipedia.org/wiki/Ant_tribe Look up China ghost cities. A lot of China's GDP is not productive. Aging population problem. https://www.forbes.com/sites/kenrapoza/2017/02/21/chinas-aging-population-becoming-more-of-a-problem/#6bc64f52140f Pollution in China. https://en.wikipedia.org/wiki/Pollution_in_China
1 Swagger (4 месяца назад)
Looking forward to a world run by China, they won't be as bad as the US.
Kay y. Hong (26 дней назад)
China does not want to run the world, it is too time consuming and too expensive as the Americans are discovering.
Mennion3 (3 месяца назад)
China doesn't want to run the world. They have enough problems running 1.4 billion people and keeping them fed and give them jobs. China has no interest being the world police.
Richard Teh (4 месяца назад)
Chinese make 100 and save 70 American make 100 and spend 1,000 United States has more than 700 military base around the world costing them hundred of billions a year to maintain while China has none recently they only have 2 around the world what's the difference? China go around the world to trade while US are destroying their progress
Major Mazzaroth (4 месяца назад)
What's the big deal about who's no. 1?
bright93 (3 месяца назад)
I am old enough to remember the eighties when we were obsessed with stories of how Japan would take over the world, much the same as we hear today of China. For some years now, I have believed that China would run into the same or similar headwinds that Japan did at the end of the eighties and early nineties. PS they were mostly debt related than demographic changes if I recall correctly. Time will tell.
JJ (2 месяца назад)
Japan was ruined when it took Federal Reserve treasury notes under Ronald Reagan. It is the central banking, the Rothschild's system of The Fed, that ruined Japan. All rest, including demographic studies, housing crash are just smoke screen. Up to that point (Ronnie Hollywood Reagan), Japan was paid in currency. China took notes also, but cashed in the notes to build infrastructure, military, factories; thank you, they said. But they are not stopping, they with Russia are building The New Silk Road (TNSR), something the media has blacklisted, all of them: major network, PBS, New York Times, WSJ. I wonder why? Could it be China is doing it without military intervention, bribing politicians, wars? Hmm.....Study LarouchePac and Schiller Institute and decide for yourself. China has invited the US to be involved in TNSR, but do you think the banksters will allow it? What do you think?
Mihir M (2 месяца назад)
Look at the size of China and that of Japan? What are u even talking about? People without minimum common sense come and flout talking points they borrowed from others.
bright93 (3 месяца назад)
Mennion3 That is as may be — I am far from confident in suggesting China will experience the changes in fortune as Japan did earlier. I was pondering the possibility and certainly recognize the differences between China and Japan and considering the obvious decay that has become apparent in the United States. Though I suspected there was serious decay in the US by 1980, it is inescapably obvious now, which does not portend well for the US. On the other hand, accelerating climate change and other environmental catastrophes known and unknown will have a much greater impact on all of humanity’s fate than mere parochial concerns of states.
Mennion3 (3 месяца назад)
Japan in the 80s was forced to sign the Plaza Accords which forced the Yen to float as a result their exports took a massive hit and hasn't been able to recover. It's difficult to export when your currency is high. The US has been calling China as a currency manipulator for decades hoping to do the same to China as they did to the Japanese. Difference is, there are no US military bases in China. Also China has 5 times the population of the US and many times larger than Japan. Time will tell indeed.
smb12321 (4 месяца назад)
The fact that China may (or may not) surpass in retail sales is hardly surprising considering they have four times the population!
RobertMOdell (4 месяца назад)
Kind of strange for Wolff to promote capitalism, so long as it's done in China.
RobertMOdell (2 месяца назад)
You mean countries who adopted wicked Capitalism and who partnered with Globalists.
Thomas Jones (4 месяца назад)
...China's Command Economy impedes free trade which brought on tariffs that the Trump administration finds necessary for the US. economy to " grow " or at least maintain a semblance of superiority.
Neil (4 месяца назад)
this man is so full of crap
fully wrecked (5 месяцев назад)
I wonder how much Chinese paid this ass kisser
fully wrecked (5 месяцев назад)
Fuck china!
Stunning Promotions (5 месяцев назад)
Bro BC slave labor so fuck off w that shit like China economy is so good BC they must be so smart or something, ask the workers if they give a fuck about fake GDP numbers let’s get our manufacturing and unions back in the USA commie regimes can fuck off
keff (5 месяцев назад)
In the 1980s, China started learning lessons from Singapore, a tiny city state powerhouse on the equator. In 3 decades she has transformed herself faster than anyone expected. In a few short decades, she will be made up of a thousand Singapores.
kathleen smith (5 месяцев назад)
China has so much debt it is unbelievable -- what took US 200 years to get to -- China has gotten to in 20 years. Do not believe this --- China has a lot of corruption and is not the well oiled machine people like Wolff claim it to be - this is a scare tactic. Listen to Kyle Bass - he has spent the last 4 years studying Chinese debt, and it is something that they can not get awy from.
JJ (2 месяца назад)
Debt is written off. This is something The Fed never talks about. Talk about false flags, false economies, false currency. The Fed makes fake electronic money. What a joke. That being the case, why pick on China, the hypocrisy is incredible. Obama bails out the banksters, and they immediately pay themselves bonuses, then place the bailout as debt on Americans. What a joke. Line them up, shoot the criminals. Replace The Fed.
Mennion3 (3 месяца назад)
Who owns the Chinese debts? The US? EU? Nah, it's Chinese banks. This is where your argument falls apart.
Donny Danger (4 месяца назад)
kathleen smith there is corruption in the U.S. also. It's legal in the U.S.
Mark Fischer (5 месяцев назад)
China did nothing except let American capitalism circumvent 100 years of laws that protect labor and 50 years of laws that protect the environment by moving manufacturing there. All the capitalists had to do was allow these goods back into the US with little or no tariff. In short our crooked American government sold out American workers under the slogan of free trade The result in China has been factory workers working under intolerable conditions, paid barely subsistence wages, and turned their once pristine country into the worst toxic chemical sewer on earth. A billion Chinese live on 12 dollars a day or less, hundreds of millions much less. The government's meat fisted centrally planned economy has put the country in hock for over 32 trillion dollars. China's most important markets are closing down. Europe is bankrupt and in social and political chaos, Americans have reached their credit limit, and President Trump will tax their exports to the US out of the market. China is a failure doomed to collapse.
Mark Fischer (2 месяца назад)
Alan Wang Ottawa. Been there. Province of Ontario. Rideau Canal. Changing of the guard. BTW, I've never been to Washington DC even though I lived only 40 miles away in Baltimore for two years.
Alan Wang (2 месяца назад)
Mark Fischer what's the capital of canada,than we talk
Mark Fischer (3 месяца назад)
Mennion3 Ultimately the Chinese people own the debt indirectly. This is not foreign debt. They have about 21 trillion dollars saved but it's not nearly enough. They horde it because there are no social safety nets. Many are being tricked out of their money. There was the stock market. Then real estate and now wealth management funds is the latest popular scam. Chinese have a cultural propensity for gambling.
Mennion3 (3 месяца назад)
Who owns China's debts?
Mark Gigiel (5 месяцев назад)
The end of growth is upon us and the rest of the world. It won't matter. There were people, including myself, that hoped humans would evolve and share and live together in peace. We are out of time and it didn't work out.
JJ (2 месяца назад)
You are the only one that sees it. Enjoy your life, take care of your health, the most important gift you were given. I am 71, saw the bullshit my generation went through starting with the murder of JFK; it was all downhill since then. I was 17 years 3 months when it happened; then Vietnam and that false flag bullshit; I saw through it all, never believed it totally; did serve my four years military, either that or go to prison. Then witnessed on tv the Mossad 9-11, and told people there were no WMD in Iraq; no one believed me. I only knew because by then I started to read the real history of WWI, WWI, all wars. All lies, each and every time. All of this happened because of lack of real history being taught in school; of course it was by design, thanks to Andrew Carnegie and Rockefeller foundations. All traitors, all treasons. We have been divided and conquered because of the flag waving, war mongering; they cannot find themselves out of a paper sack mentally. They'd rather have their popcorn and Super Bowl than know the truth and price of stupidity. The price of stupidity is the demise of my country. Stupidity from watching the zionist FOX News, and PBS. Enjoy your life, take care of your health. That is all that you have, no matter where you go. I am 71, still learning about health, wonderful. Studying 'Gut and Psychology Syndrome," the Specific Carbohydrate Diet, Dr Gonzalez Protocol on cancer based on Dr Kelley and Dr Beard, the trophoblast and enzyme theory of cancer. Focus on your health, and congratulations, you now know the truth about the world, but you missed one thing: the bankers. They created the problem. Read the "The Synagogue of Satan," updated version if you can get it by Andrew Carrington Hitchcock. Then study the LarouchePac and the Schiller Institute, and discover the genius of Alexander Hamilton's credit system, something that both dems and repubs refuse to enact to save the USA all because of The Federal Reserve that enslaves us. Good luck.
Craig Lan (5 месяцев назад)
Thank you Dr. Wolff. Been watching & listening to D@W, economic update, and appearances on many other channels for 3 years now. Like yr style of presenting and mostly I appreciate the fact that...... You are telling the truth. Fact. China is a peaceful power. That is central to Chinese ideology. I hope foreigners will travel to China to truly understand the culture and know the people. Not trust media...which is always biased and negative in content.
joop van groot (5 месяцев назад)
Wolff smurf!!! (Just replace verbs with Capitalism)
ResidualSelfImage (5 месяцев назад)
The alternative Chinese parallel financial markets and institution allow non-chinese and chinese financial agents to bypass the USA financial markets and institutions - insulating them from the turmoil of US financial markets and politics - Chinese financial players are especially wary of foreign financial speculators and venture capitalist. who attempt to influence Chinese politics or economy... for example - attempting to send financial futures market data outside China can land a person 20 years in jail... banking corruption-embezzlement can lead to the death penalty.... there is a totally different standard of responsibility and level of punishment for wrong doing in China that a person from the USA would have to get use to.
ResidualSelfImage (5 месяцев назад)
the CCP is committed to spreading the wealth of China's economy to stabilize China's society and economy while the US Republican led Government is committed to concentrating the wealth and power of the USA economy to only to the top 1% of the population and keeping the other 99% in an unstable unsustainable economic situation.
Gaius Baltar (5 месяцев назад)
ResidualSelfImage how?
ResidualSelfImage (5 месяцев назад)
China has been preparing for an Anti China US Trade War Policy for the last 18 years. .. if Donald Trump starts a Trade war with China ... China will likely economically retaliate against the USA in a measured tit for tat like steps ..by being a really nasty to other nations ... Trump has made it easier for China to win trade concession from other nations that normally look to us and not China for trade...e.g. Thailand and the Philippines ... sigh
ResidualSelfImage (5 месяцев назад)
China is creating a parallel market to the USA Dollar ...For example, China is starting a Chinese Dollar (Yuan) Future Oil contract Market that parallels the US Dollar Futures oil contract market...The reason the China Economy rebounded from the Great Recession of 2007-2008 is because China ( the CCP - China Central Bank) implemented a multi year Keynesian Economic Recovery program after 2007-2008 to limit job loss and China keep its economy going when the USA government had a very limited stimulus program because the Republican controlled congress wanted to make the then Democratic President Obama look bad. .
JJ (2 месяца назад)
Obama answered to the zionists; but then so does Trump bow to them.
rick lomar (5 месяцев назад)
We're China's bitches.
dan16000 (5 месяцев назад)
That's because China has been ripping of the USA Capitalist market like there is no tomorrow for 50 years.
Donald R. Enos (2 месяца назад)
dan16000 There 1 child law will cause a serious drop in there population and who,s going to buy 64 million expensive condo,s and Apartments. The mall had one toy store open and owner sold 1 toy yesterday he said. There building more units and citys to keep jobs going.
JJ (2 месяца назад)
You got it right, all thanks to The Bankers; it is all by design to destroy USA.
Lightest Asian (6 месяцев назад)
I can tell this guy has a serious oedipal complex..
Hulagu Mongke (6 месяцев назад)
make sense
sameasnow (6 месяцев назад)
this guy is demon possessed
Rootin for Lenin (1 месяц назад)
religion is bullshit you have no real argument
zackery zackery (6 месяцев назад)
Wolff makes the point that Marxism is terrible and that China's movement to state run capitalism has greatly improved the lives of billions of Chinese. He also makes the point that Trump's America first policy is necessary to bring back jobs / income growth back to America.
Joanne Ortiz (6 месяцев назад)
I suspect these figures are PPP and not the actual retail amount which companies would care about. Not saying he's totally wrong. China, PPP, does indeed have the world's largest economy. But let's not get ahead of ourselves with the propaganda. China worries me, not because they will surpass the US (the country of my birth albeit not my current home), but because nobody should want the dominant world power to be a country as politically oppressive as China. This guy doesn't realize the freedoms Westerners have. Were this video bashing China and not the US, try hosting that on a Chinese server through a Chinese company. Ain't gonna happen buddy! And reasons such as these are why we should strive to keep Western dominance of the international order, at least for the time being.
jaja smile (6 месяцев назад)
Population over a billion people , I'm not surprised .
Aaron Best (6 месяцев назад)
Bill Clinton has done more to propel the Chinese economy than any one Chinese leader or policy. I think historians will look back on Bill Clinton's fatal decision to normalize trade with the CCP & propel them into the WTO as the beginning of the end of an empire. I wonder how the Xi term limits experiment will work out. They carry way to much debt. The shadow banks are the main driver's of finance. All the books are cooked. Ghost cities are built to create GDP. It will be interesting to see how they keep it a float.
Kay y. Hong (26 дней назад)
Aaron, you are thoroughly brain washed by western propagandists and China- haters.
JJ (2 месяца назад)
Bill Clinton answered to the Zionists, and their Monica Lewinsky. Because of her we have Glas-Steagall repealed. Good try. Did not fool me. The Zionists play both sides of the coin, they support communism as well as Empire. They make money off bloodshed. Both US and England will fall, all thanks to the Rothschilds, all to the glee of Israel, or so they think. Thanks to them we had Mossad 9-11. We shall see if she decides to take the world with her, just like Sampson; except next time it is total world destruction. Psychopaths.
Carmen Velez (6 месяцев назад)
China it's a market economy.
tfylhk (3 месяца назад)
Carmen Velez, agree this is true
Max Power (6 месяцев назад)
Marxist utopian propaganda! China is the world's factory, we don't buy, they don't sell. Also the chinese consumer market is perhaps 2-3 trillion, the US consumer market is about 14 trillion! I have worked and travelled throughout china for 4 years. If you travel outside the major cities the wages of ordinary people are about $2 per day. There are 1 BILLION dirt poor people in China, these people have no health care, no old age pension, polluted air and drinking water, poor housing, and no prospect for the future. Let it sink in, 1 BILLION! Those who have money often have connections to the communist party, are corrupt and earned their money by exploiting their own people. Those who speak up to the regime either disappear or are inprisoned. Those who can (the rich communists) leave the country or at least get their kids educated in the west so they have a chance to stay. There is no country on planet Earth with more inequality than China.. I have seen people driving gold plated Mercedes Benz while just meters away people go around with rubbish karts picking up rubbish for $10 a month! It's very, very disappointing to see a privileged well fed, rich half baked Socialist college professor spruiking a cold, hard, violent authoritarian police state such as china. Shame on you!
Kay y. Hong (26 дней назад)
truth seeker, how can you seek the truth with your head in the sand?
Kay y. Hong (26 дней назад)
Max Power, it is time to revisit China, you have been away too long!
Richard Teh (26 дней назад)
Coconut brain have you been playing golf with the American presidentssss 1.4 billions market trying to compare 300 million market China got their own market without begging from anyone the United snake has to build more than 600 military base around the world killing millions of innocent people to obey them in the name of democracy and freedom system United snake has created more wars than WW 2
JJ (2 месяца назад)
Max Powers fails to see what is happening in his own country (UK? US? Canada? Australia? New Zealand?). He does not recognize that China has already taken 20M out of rural poverty. He does not recognize the US/British Empire, Commonwealth behind the wars; in short the Rothschilds. Who caused the Opium Wars? Britain! Who caused both world wars? Britain, through the Rothschilds, through The Federal Reserve Bank. Who impoverished Venezuela? Again, the banksters. This is where professor is wrong: Socialism and Democracy are both funded by the Rothschilds. They fund both sides: democracy and communism/socialism. Max Power is a zionist schil. Destroy The Federal Reserve, the usury, the wars. He makes his living off the sweat and blood and equity of others. He sides with the oligarchs who run Russia, China, USA, Britain, etc.
Victor Gan (2 месяца назад)
Truth Seeker the media portrays the Chinese as being oppressed and having no freedom. If u go there you'll find that the people really don't see the government like that especially due to the economic progress. U needa understand that chinese people don't see the world the same way as westerners for example, we can't survive without Google and youtube but the Chinese wouldn't even use them if it were unblocked because they prefer wechat weibo etc. I very much doubt anyone in mainland China would protest anything but its different in hongkong of course because they are more western
Alexandria School of Science (6 месяцев назад)
interesting!
Crouching Wombat (6 месяцев назад)
No shit Sherlock ! Corporate opportunists treated western workers like shit on a shoe, in favour of slave wages. The emergence of Billionaires is the criminal result.
Keith Wood (7 месяцев назад)
I get the feeling that the rich & corporations are raping the US one last time to squeeze the last possible dollar out of the country before pulling up stakes and move on...
George Geschwend (7 месяцев назад)
Is there any silver lining to this? Or should I just listen to this and think “Well the U.S. economy was good while it lasted, better go on the street and sell pencils out of a tin cup”? Seems like he doesn’t propose solutions.
JJ (2 месяца назад)
Professors know nothing, that is why they are on easy street teaching.
Bozo Clown (4 месяца назад)
As long as the anglosaxons are in charge nothing will change.
Stuart88 (5 месяцев назад)
George Geschwend tin cup my friend or a none market economy your choice .
Red Furry (7 месяцев назад)
lol no I'm not a bot, i just thought you were slagging him off, and why should I put a photo of me and reveal my info? i like staying anon online
George Geschwend (7 месяцев назад)
Russian bot trying to disturb the shit? No I just wondered if anyone knew of a good side effect of this— I never asked for a solution. I was politely asking anyone following this thread if there was anything positive about this video. I can look up possible solutions to this online from a source I know I can trust. Or I can ask a Professor of Economics at the University I attend... face to face. If you bothered to do some digging you’d find that he does propose solutions (!) .You sound like a bot and no photo next to your name doesn’t help your credibility either.
Noah Namey (7 месяцев назад)
Ehhh... The REAL economy (the Natural Environment) is just about tapped out, as far as Humans are concerned. And it's sort of fitting that this disease of Capitalism should sweep the globe from Britain to the US, then back to Eurasia - tearing up the very means of its survival along the way, like a flame. Meanwhile, the bacteria are doing fine...
revelationreflection (7 месяцев назад)
is economic growth still a good thing? seriously the paradigm of perpetual increase of production and consumption and profit is flawed from the outset of environmental consequences and human needs.
edydon (7 месяцев назад)
Problems1. A big portion of the Chinese economy is fake. GDP reflects the whims of government officials - factories that make nothing, warehouses that store nothing, ghost cities2. China is a tribe, comprised of a single genotype - Han Chinese. Tribes, as opposed to ethnically diverse nations, are highly susceptible to changing economic conditions. Their  narrower repertoire of skills / talents eventually diverges from global demands.
Kay y. Hong (26 дней назад)
edydon, another ignorant moron parroting Fox News!
JJ (2 месяца назад)
Where is the USA now? Why are people mad in the South, the Midwest? Simple: loss of jobs, offshoring of manufactures to China, Indonesia, etc etc. Meanwhile mainstreet America shops at Dollar Tree for a $1 microwaved meal. America is done unless The Federal Reserve is replaced, and Israel discarded.
woodensurfer (2 месяца назад)
First,Hans are only about 93% of China. Second, it is absurd to claim that ethnic diversity in a country enhances adaptation to economy conditions. In a developed country, with a mature service sector, ethnic diversity is the result of social exclusion in courtship and marriage. Ethnic diversity is a sign of social backwardness.
Zhonguoria (4 месяца назад)
Edydon- That is largely B.S. from Western media. You are swallowing it hook, line, and sinker. 🎣
FireRaccoon (4 месяца назад)
People like you are so funny, further proof that Americans are taught zero knowledge and only indoctrination. To the brainwashed Americans prevented from achieving free thought and critical reasoning, GDP is just a number to judge the good guys and the bad guys, and you need to know nothing other than you are the good guys and other bad guys have no good things ever so God Bless America! To people from the rest of the world receiving real education, every point of GDP growth means millions of jobs and billions of economic activity among a hundred other things. You don't just have a whim and change a number and millions of people get to keep their well-paying jobs when there's "nothing".
zpetar (7 месяцев назад)
3:49 It also means Chinese companies will have more money to spend on R/D and marketing. They will start to hire western employees to help them to improve their production, new technologies...And at some point they will no more need to hire those westerners. Expect maybe in marketing and design. When Chinese learn all they possibly can from those westerners and start to develop their own technology western companies will be in real trouble.
Charles Lord (1 месяц назад)
Charles Lord 1 秒前 @ zpetar: " And at some point they will no more need to hire those westerners " They done that to the taiwanese. While around 1989 to 1995, after the Tiannamen massacre ( there were a shout down for western companies to go to China from their respective goverments ), a large amount of taiwanese companies ( mostly medium companies ) went to China in a hope to become greater or transnational companies ( because of the vaccum that existed at that time, there were no big private chinese companies ) , but China has copied lots of taiwaneses intellectual properties, from agricultural, logistical, how to finance, etc, most of the medium companies didn't grow as they expected. That's the bad thing when you share the same language, but different political views. And most of the "normal" westerners don't know, ( except the elite ) the chinese communist goverment, are now pushing, to instate " a communist party official " in every medium/big company. An easy example: In every communist country, there always be a political officer within the military ranks, but in this case, is within the private sector.
Donald R. Enos (2 месяца назад)
zpetar He forgot to tell us there growth partly caused by building millions of housing units in empty city's that will eventually cause a crash plus China pays these companies that loose money 16 % to 18% check to make them have profit and growth. This undercuts the capitalists way of making money. There bubble is massive and it's going to hurt us also .imo. There communist capitalist business plan is cracking at the seam.
JJ (2 месяца назад)
Western companies gave all their secrets to China. It got all the technology for free. And the stupid American corporations by this design ruined the USA, the factory towns all Rust Belts. Then Americans are told they are God's Gift To Democracy meanwhile they cannot make their own underwear or even their own ballpoint pens. Brilliant. All thanks to the Zionist bankers, IMF, World Bank.
DXR (7 месяцев назад)
All the more reason the working class should take possession of all American based industry so that it has the power of its own productive power to compete against the productivity of capitalism in China. American capital will leave the country, let plants rot. China is on the upswing and brisker profits can be made there. The combined force of American and Chinese capitalism will eventually turn on its own regionalized working classes.The pages of history always turn there is no denying.  Labor allocated through foreign subsidiaries are less and less American workers and more and more workers of other cultures operating a US firm in a foreign land; while factories at home idle. Exports fall and imports rise, America cannot pay off its deficit. Dollar's value plummets to worthlessness. China's state owned enterprises begin a freeze on hiring. A mass campaign for the suppression of wages has finally reached its shores and the rich are taking more of the economic surplus. China follows the same path as Trump on the budget in 20 years after wages in China reach their peak of prosperity. Prosperity dissolves into poverty the Chinese working class can see their future in our present circumstances, flat wages for 45 years not 10 as the good professor noted. America would have been better off under a proletarian dictatorship, it would have attracted more European and Chinese capital just by a change of politics as people oriented than if it had no industry owned by itself and for itself. Workers in America face dire and grim circumstances when the crash coming due in the next cycle of depression strikes. If it had a genuine working class party it could have taken the Wallace route to economic progress and ushered in the age of the common person common property. But like a dick! The Democrats got struck by Republican gold lightening bolts and took the descending path of war spending and deficits. They will pay dearly for their errors. The worst case scenario of an American revolt of power would have been a self sufficiency in the event all capital left the country! A rich country can sustain a disappearance of capital. The 99% is composed of military and civilian, not a shred of blue blood Anglo American Dutch/British descendant. No southern slaveholder or northern Yankee merchant capitalist blood in the military barring a handful of Yanks. The American ruling classes have no claim to the honor of ultimate sacrifice and will shut up real fast at the strongest voice of dignity, they are a fragile and easily intimidated and only heavy armor do they feel confident as a social class, a bluff would have given back the farm and the store to the farmer and the factory to the worker plus two chickens in every pot. The American worker could have done this for themselves.
Paul Chase (7 месяцев назад)
Isnt that Amazing. A Marxist is talking up a capitalist economy! What Wolff doesnt mention here is that all of China's economic growth in the past twenty years is the result of their allowance of free market capitalism to open up in their Special Economic Zones(SEZ's). One of them is Hong Kong, which is listed in the Heritage Foundations _Index of Economic Freedoms_ as being the freest economy on the planet. How 'bout that.
xxx yyy (7 месяцев назад)
ok so china's economy is growing, what is the point he is trying to make? china has the biggest country by population why should they not be the biggest economy
Hu Jiaming (7 месяцев назад)
"Infinitely more successful", wow I like that 3 words from Pro. Wolff.
bluewater454 (7 месяцев назад)
No surprise that a statist like Wolff would talk up a totalitarian country like China. Despite what you Marxists claim about Marxism, it always has been and always will be about statism. One thing Wolff doesnt mention here is that all of China's recent economic growth has been happening within its Special Economic Zones where a free market has emerged. One more thing that hasnt hurt them is that they have enjoyed a favored trading partnership with the premier capitalist country on the planet - the US of capitalist A.
JJ (2 месяца назад)
Both communism and capitalism are run by oligarchs. Get over it.
Kimo Pu'uwai (7 месяцев назад)
Go Darcy go! <3
Joe Jimbo (7 месяцев назад)
You can thank Wal-Mart and consumer greed. To save a few nickels everyone one went to Wal-Mart. Now your screwed. Nothing is made in the USA and You have to take a shit job at Wal-Mart or Amazon maybe drive for Uber. All to save a few bucks you willing destroyed your economy and built China. The corporate giant's don't give a shit because they will start selling to the Chinese middle class.
Stunning Promotions (5 месяцев назад)
Joe Jimbo nailed it
Arsena1 (7 месяцев назад)
America is doing all the wrong things and Trump and his supporters are speeding up the economic demise. Not that the Dems have a panacea either, but clearly the GOP is the worse of the two. Being bought and paid for by the big corporations and wealthy is speeding up America's demise. Reducing, not strengthening obamacare, medicaid, etc, is speeding up America's demise. America is the ONLY country in the G8 without these things being protected. The Chinese have national health care as well. Every country that has moved up the GDP/GNP scale has initiated social programs while America reduces it. Not embracing green energy is another as well. The other G8 nations are heavily invested in it, including the Chinese while the GOP just slapped a tax on green energy that will kill an industry that is actually creating jobs. Just to protect big oil and coal, the latter dying. .The government knew coal was dying and did nothing to transition those regions affected into other economies.
JJ (2 месяца назад)
I met someone from China, he graduated with BS and MBA from my alma mater; brilliant. He told me something incredible: The governments does not levy income taxes against its own citizens! Imagine that!
Bill Limpert (2 месяца назад)
Arsena1 it is what it will be. Are there sugar plum fairies and unicorns in this fake world you envision?
Truth Seeker (2 месяца назад)
You're an idiot. China's economy is collapsing.
Mieke Bruin (2 месяца назад)
Arsena1 sorry I did not see your post before. I know things are bad in the US but the way you describe it made me realise that it is even worse then I thought. They try to go back in time. I sure hope they reverse there policy in time. If the states gets in an crisis it will affect other countries as well
symmetry08 (3 месяца назад)
now richest part are in look out for the last remnant of wealth they can grab from this falling economy - they are psychopaths mostly.
Drake Koefoed (7 месяцев назад)
As neoliberalism continues to impoverish the workers, we will tend to a third world type economy. Unless we stop the oligarchy, it will stop us, destroying the markets it needs to survive, because all economics is demand side. Supply does not drive them because if nobody wants something, its market value is zero
Surud Patel (7 месяцев назад)
Killing the Market through wage stagnation is the story for US economic History books.
khankrum1 (5 месяцев назад)
You need to stop reading comic books,
bluewater454 (7 месяцев назад)
You might want to check your "history books" again.
BARRR (7 месяцев назад)
Don't talk about the economic boom without talking about its obscene income inequality.
Edward Yang (1 месяц назад)
@Vulcan750L You can live quite well in a remote rural area of China with an income of $2,000 USD a year. You can't do so anywhere in the US with $10,000 a year. Expensive healthcare; expensive housing; expensive transportation; expensive education; expensive communication (phones, mail service, etc.); make people fall below poverty more easily in the US. Like I said, don't babble things that you don't know. If you haven't been there, don't pretend you know shit about the place.
JJ (2 месяца назад)
Really? Tell me where you live? Do you pay rent?
Peter Nachtwey (3 месяца назад)
@ Vulcan, Good point. China "lifted" 100's of millions out of poverty by redefining poverty levels lower. Leftists like Wolff don't care about the truth. https://www.weforum.org/agenda/2016/06/8-facts-about-chinas-economy/ Wolff bitches and bitches but never has a plan for creating wealth.
Vulcan750L (3 месяца назад)
+Edward Yang No, it's not worse. Poverty in China is defined as someone living on less than $1.90 a day, or less than $694 a year. Poverty in the US is someone making less than $12,000 a year. The average Chinese makes about half what an American teenager makes flipping burgers at McDonald's for minimum wage. Minimum wage workers in the US make $15,000 a year. The average Chinese makes $8,000/yr. The average American makes $60,000 a year.
Peter Nachtwey (3 месяца назад)
Have you heard of the Pareto principle? How equal would you FORCE incomes to be?
justgivemethetruth (7 месяцев назад)
blah, blah, blah ... buries the story in the last 10 seconds ... what consequences, and what do we do about it Richard Wolff?
justgivemethetruth (4 месяца назад)
I hope China joins the community of nations, but I don't see the need when they are trying to pull everyone out of poverty as you say for colonization of the South China sea for example. Also, China is ethnically racist, at home and abroad. I find that problematic too. Having worked on Supercomputers most of my life making the fastest one is a question of money and scaling ... all the technology came from elsewhere. Lots of good in China, but why continue in the same mistakes and crimes of the West? To me that is proof that the Chinese government or society has a big chip on its shoulder and are hostile to the rest of the world. Give the world something to feel positive about with China ... that is what's missing. Don't be the world's biggest polluter. Of course Chinese hooked up in the system do not see the system as a problem, you comment on Chinese as slaves does not really make the point you want to claim it does. I am sure we all wish the best for China ... but I don't see them doing anything revolutionary in an original way.
Bozo Clown (4 месяца назад)
White boy - shut up.
bldomain (6 месяцев назад)
justgivemethetruth I am an retired ethnic Chinese living in SE Asia and whenever I visit my relatives in China I find that most Chinese are very optimistic about their future. They feel like they are now living in a renaissance period in China. If you tell them their government treat them like slaves, they will probably find you weird. China has lifted 600 million Chinese people out of poverty in the past 3 decades and now China is the second largest economy in the world. China has the largest car ownership and the largest high speed train network in the world and provide the largest number of tourists in the world. All these have contributed to an air of optimism in China now. You said most Chinese products are junk. Well not anymore, there is now a paradigm shift in the Chinese economy. They can no longer rely on manufacturing cheap products as wages are climbing high and as such they are now pursuing the initiative Made in China 2025 aggressively and implementing technology Industry 4.0 , AI and robotic. They have also jump start the Belt & Road project which will stretch across the whole Eurasia and will destined to be the greatest project of the century. Here are some of the things that are going on in China please watch them and give me your opinion. Alibaba Hema Supermarket https://www.youtube.com/watch?v=XNt18b5hOVE&t=66s Taocafe https://www.youtube.com/watch?v=mm_eCoodixk China is a cashless society https://www.youtube.com/watch?v=zgtDXsrau4s Impression of China https://www.youtube.com/watch?v=85UT63NR9Eo&t=86s China has the largest high speed train network https://www.youtube.com/watch?v=2blgC5o-lYA&t=66s Electric Cars https://www.youtube.com/watch?v=VVZe1hQmJxE AI and Robots https://www.youtube.com/watch?v=vSxECwYs7-M&t=267s Green Energy https://www.youtube.com/watch?v=cD0c-AlO_i4 Quantum Teleportation From Space Achieved by China! https://www.youtube.com/watch?v=dWc6Goy6cRk The World's Fastest Supercomputer Was Homegrown In China https://www.youtube.com/watch?v=ZwdAPyOKQCA
justgivemethetruth (7 месяцев назад)
There is more to a solution than just an answer ... you need to get a consensus, you need a plan, you need to institutionalize ... right now there is so much powerful opposition to anything that not this casino capitalist system that we have.  I hear so much ideas that sound great, but there is not real practical path to implementation.
amy Rodgers (7 месяцев назад)
https://youtu.be/JmiKWTRoiMk my last reply, watch with your own eyes , hope we all learn from whoever country if they do things better and enrich people’s lives and living quality
justgivemethetruth (7 месяцев назад)
Also , stupid, the South Korean economy was even more of a miracle than the Chinese economy because they learned how to coexist and work with the West.  Their whole country transformed, and they went to a democracy after military rule that protected their industries and prevented foreign interference. The South Koreans were very smart ... read the book "Bad Samaritans" by Ha-Joon Chang to understand how the big superpowers eat their own people, both the US and China. Wages in the US have stagnated because all progress has been from technology making things cheaper. The most money is now in a black-global economy that no one sees, no democratic body can control or regulation and that controls our governments and screws the people over, even making them go to war when it suits them.
Fook Seng Loke (1 день назад)
justgivemethetruth That is why their economy is vulnerable. The Chinese economy was in the same dependent state as Korea and when the ten years after the 2008/2009 Crisis, could not provide the global recovery needed to support China’s high growth, China has to turn to its own consumers and innovations to suit the local needs means that products have to be newly designed and just mix and match of existing technology. Also entirely new markets have to be created when growth in the traditional markets flounders. That was the main reason for the Belt and Road Initiative.
bobo lee (4 месяца назад)
south korea has stagnated just like japan
Patrick van meter (5 месяцев назад)
US wages started to stagnate in the 80s with Reagan and his hate for unions. I don't have to read a book on it as I was there and a recipient. This along with technology.
Tianyi liu (7 месяцев назад)
I completely agree with you that the most money is controlled invisibly and undemocratically. However, in terms of the economy of South Korea, I have to mention that wages in South Korea also stagnated even before the 2007 crash. Politics and elections in South Korea is even more crony-capitalist than the US (just look at the recent presidents. The incumbent one is called "the Bill Gates of South Korea"). Around a decade ago, there was a strongly organized left-wing party emerging in South Korea, whose party member was once over 100,000, and later was announced "too close to the North (Korea)" "unconstitutional" and disestablished. The youth in South Korea are even more frustrated than those in the West, and guess what, the media is controlled in the hands of the rich, therefore we know very little about the real situation in South Korea. Sounds pretty much like in the US. Ha-Joon Chang is for me still too right-wing. In his works he mentions some fatal errors of the mainstream economics, yet he seldom mentions the situation of the poor.

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