Socialist Richard Wolff Tells the Truth About the Chinese Economy



the Chinese economy look I have to be honest with all of you in a way that the media in this country tend not to be the Chinese economy is the ascendant economy in the world no one comes close to what they've accomplished in the last 20 years no one and no more powerful a change in the world economy is emerging than what is coming from the People's Republic of China and one of the ways to show that to you is to share with you some statistics that very recently came out that drive the point home 2018 the year we are now beginning will show all the statistics showing that for the first time retail sales in the People's Republic of China retail sales that means everything sold in the way of food clothing shelter in the stores where people buy retail sales in China will equal or surpass those in the United States which used to be number one which had been number one in total value of sales for more years than most of us have been alive that is no longer the case that is a historical change of enormous importance why well the reasons are so many you don't know where to start it means that companies producing for the retail market which most companies do are now going to look upon China as at least as important as the United States for their survival for their profits for their growth and since the growth path of China is much faster than that in the United States the years ahead will only make the difference greater the Chinese economy will become more important to the producers of food clothing and shelter their profits will become more dependent on keeping their markets in China which means accommodating to the Chinese demands for how you do business they're accommodating Chinese political objectives domestic and foreign if you want to understand why mr. Trump like his predecessors has had to qualify his noisy protestations about the Chinese it's because the economic reality of their importance is making every American corporation selling in China and that's most of our big corporations the allies of China 2008 to 2018 this has been a time of difficulty global capitalism crashed in 2008 the last 10 years will be they already are being called a lost decade because the wages of Americans went nowhere over those 10 years we're not earning that much more today than we did 10 years ago on average the super-rich have done fine but everybody else not at all we've documented that as have others for many many months but over the last year in the Chinese economy which was also hit by the crash in 2008 their response has been completely different and there's no nice way to say this infinitely more successful the per capita income in China ten years ago was roughly $2,000 a year the per capita income in China today is roughly 8,000 dollars per person per year the Chinese economy has quadrupled its productivity in that time the United States nothing remotely like that that's why the lines are converging and that's why the Chinese are taking off it means that an American company is now more likely to advertise in China than in the United States because it's a more important economy for them they are going to hire Chinese graphic designers they are going to hire talent in China to help them figure out how to do what advertisers have to do in a retail environment they're going to hire people to work with the public they're going to what they're going to endow university chairs in Chinese universities to get their products and their companies known in the academic world they're going to be doing in China more and more of what they used to do in the United States the world economy is changing and mostly here in the United States what we have in coping with that is denial the pretense that this isn't happening and that it won't have all kinds of consequences




Comments
  1. Only Way is regime change in the United States!! Or simply nominate a new president of the blue like what they did in Venezuela!

  2. This is sounding like the end of the USA. That’s why no the only thing they can do you some ZHU Chinese CFO$ and do Regime change all over the world…. But problem is normal working because the world knows US backs of tricks it worked before not anymore…. And they know we see how Venezuela their coop is falling apart so quickly….Iran Still trying to convinceE,U. to change their mind? But it seems nobody bothers anymore because too much lies result of this.

  3. But China has limited freedom of speech. Also, as wages increase there, it will make it less economical to make things there.

  4. You can clearly tell from the way this guy speaks, he is completely jealous of the progress made by China.
    He should be happy for the progress made by China.

  5. And we all know China plays by the same rules & doesn't cheat or steal or ban free & open trade 😁 Our big mistake was giving them free trade status without having a level playing field. Now it's too late.

  6. Everything he said is true. The United States is going to need to deregulate, lower taxes, and find ways to increase productivity in order to compete with its new fellow superpower. Unlike the Soviet Union this one seems built to last.

  7. Yes, the Chinese economy is doing really well and many Chinese businessmen and women have made millions and are busily buying up property in the West (just in case it all goes south and Xi turns into Mao).

  8. Let's be honest, China is a dictatorship and the agenda of a dictatorship is never good for the world. They mislead the world on their intention. Watch this video if you still have a brain https://www.youtube.com/watch?v=I77I3FIpQFI

  9. Modern day China is a creation of the global capitalists who shifted production from the US and other western countries. There is no miracle. It is a transfer of manufacturing to lower cost labor centers with a totalitarian government that easily controls it's serfs. China is the Government model for the future for these New World Order elites. It's not a society for which godly people should strive.

  10. This means that on a per capital basis, an American consume Four times as much as a Chinese! No wonder Obama said » if Africa consume at the same rate as America, we’ll need two more planets »!

  11. New saying "Young men go east", while old saying "Go west"…just fades away…vanish in thin air :)-

  12. One the most important thing , on the time when China was virtually on collapsing path in the end of 1970this the one idea of the Socialist market unique in the World was in Yugoslavia , the relation ship between China and Yugoslavia was manly product of Chinese interest to figure out how to develop economy that will open their unbelievable power of their labour market at first to the Western corporate interest , have we go, it was Yugoslavian concept in the beginning , and did work .
    Don't ask why Yugoslavia collapse then , it was many other reasons , economy never was primary reasons but many would disagree, however the proof is that political , one party system wasn't the issue and obstacle for China to become World leader in economy.
    Also China depend on outside economic market possible 70 % in order to functioning , the relations between Western economic and financial interest are deeply in China and other way around .
    In today economy the free competitive market is no longer present , but Monopoly .
    We humans or many of them did not developed mental state far enough to overcome our differences .

  13. The Chinese simply discovered Capitalism. To stimulate person to think, take risks, and work hard you need to reward the person and no authoritarian or prison guard is needed to swing the whip to keep the productivity at its optimum.

  14. There are many smart people in the United States, but unfortunately, these people have always been elected presidents in recent years.
    The "living fossil" left during the Cold War.

  15. The poor in the USA are getting poorer whereas the rich have tripled their fortunes due to the inequality of treatment of the poor versus the rich. When the stock market crashed in 2008 and most of the rich lost billions and the corporations went bankrupt or nearly bankrupt the government bailed these corporations out injecting billions into their coffers. The poor remained what they were, but the financial institutions were helped through quantitative easing (QE) through pumping as much as they could receive to pay their debts incurred via bad and mismanagement. Times were really bad then when the whole world went into recession. Properties prices fell and many Americans lost their homes. Did they received govt help? No. But Obama did a good job during his administration to bring the economy out of the doldrums.

  16. As a economist, we all see the picture of China now. It is the largest market as important as USA. However, we are not socialist or politician. We are not interested in history too. Honestly, China is so much successful than USA for the 40 years growth. Chinese in China are much more competitive compared with Americans. USA do have the world’s richest elites tho.

  17. I DISAPOINTED WHEN YOU TALK ABOUT AMERICA ,THERE IS NO AMERICA ANY MORE THEIR TIME IS OVER AMERICA IS FULL OF BLOOD AND TEAS

  18. Professor Wolff, a Jewish American, you are the one, is telling the truth with your deep anylasis, respect to you

  19. Yeah, that is why they sweep their sidewalks with brooms and toilets on the streets to accommodate the many that walk. Not a good economy

  20. China is taking over the world ,their economy is the strongest and still growing..USA has the biggest external debt and their economy is based on a paper machine….Dedolarization is the US economys ennemy number one.

  21. this guy is lying he is a Chinese troll, the Chinese economy is subsidize and their deb is 230 % of GDP , he is a fool, he is a Chinese agent he is a traitor, and all the ones that believe this, I question their intellect, he is not giving you the real numbers and how is china achieving progress , America was a different story and the Chinese miracle is fake.

  22. China is not communist in its economy — it's an authoritarian capitalism that has benefited from globalism that it
    has not had to pay for (ie no cost for security of ocean shippng etc…)

  23. We Americans can put an end to this insanity – STOP MAKING PAYMENTS TO EVERYONE EXCEPT SMALL PERSONAL LOANS TO LOCAL BUSINESSES AND FRIENDS AND FAMILY LOANS! In a very short time we will put a HUGE strain on the current system and hopefully will COLLAPSE this system. We had a chance to restart the system and improve it, back in 2007-08. Americans had already lost everything to the scammers and STILL we chickened out!!!! Life, individually, will end eventually. We had a chance to try and set things on a better course for the future of mankind and failed again!! Back in the sixties we came to realize that when it came to relinquishing power & control that killing us would be on the table and that our PARENTS would have NO PROBLEM with that as long as they could save their meager stance in society. Here's hoping the present generation doesn't give up so easily!! People MUST be willing to sacrifice. After all, years ago people were willing to risk their lives in order to be FREE. All we have to do is stop paying bills. One simple example – stop paying for car payments. Where are MILLIONS of cars going to be placed?? It would take decades to repossess these cars. What about student loans, credit cards, mortgages, etc. We the people wield a large amount of power but we have to USE it or else it's useless!!!!

  24. Life will go on for China and the world. Basic survival economics will always be there. China and the world must not and never forget AGRICULTURE as a long term base economics.

  25. So what? US is still the most powerful country in the world. I don't like those experts always scare people for unspeakable purpose.

  26. BIG POWER RIVALRY

    Who is competing? I
    can't figure out why this is the major cause of humanity's rush to its
    doomsday.

    What is all that
    talk about rises of superpowers?  It's
    more like how these risen powers have relied on opium to suppress China, and have
    bought out so many Chinese domestic traitors to sell China out. In the end,
    they simply used the standard genocide of Christian crusades.

    They almost knocked
    out China, then went on to Japan, and almost exterminate the Japanese race, had
    not for the samurais’ switching to plan B, the Goujian's Revenge. But the
    Christian ghosts and God are still hanging around everywhere in Asia.

    China is a land of
    no-god people, who even feel they are more superior than the God of their
    invading rising powers from the West. There were also the most uncannily
    capable Chinese leaders, who managed to free the people from the forced opium
    addiction. The current leaders have also used the Asian tradition of the
    peasants' belief in communism, and a centralized management system to chase the
    highest rising powers out of the country.

    So, who are
    competing?  Nobody!

    All we have is that
    many a rising powers did have tried to chase up with China for more than three
    centuries, but failed to catch up!

    China will soon
    return to its peace and prosperity that had lasted for thousands of years. If
    the rising powers cannot see this, China would again have to move all their
    national treasury vaults to China, just like what happened before the Opium
    War. In this way, the Earth this time might not be able to escape the fate of
    being blown up.

    So don't be sour
    losers anymore.  America, especially,
    needs to admit that it cannot catch up with China.  In that way, China this time around could make
    some special arrangement to take care of these rising powers.

    What they want is
    money. China has plenty of that.  And
    China is never a stingy country. 

    What China wants is
    culture, and China should upgrade its culture a bit from last time, so it would
    be a bid nicer to the rising powers this time.

                    SOFTWARE VS 5G

    America might think the current
    contest on domination of the rollout of the 5G network is the final great
    battle in tech supremacy.  That’s wrong,
    since it’s wont matter to the consumers who dominates and provides the service.

    However, the next and final tech
    rollout will matter.  It’s the software
    operating system, an automated software environment that interfaces the users
    with a universal native language.  Now,
    here humanity needs to choose between English and Chinese.

    It should be English, as there is no
    problem for Chinese to learn English, but not vis versa.  But would the Chinese make this
    concession?  Tough! Maybe if America
    gives up the current bullying techniques in stopping China’s 5G, China may
    seriously consider.

  27. 5G SHOWS POWERS OF COMMUNISM AND DICTATORSHIP

    5G and speed trains are only possible under
    communism and centralized planning dictatorship.  both technologies thrived when everything
    capitalistic were ignored.  huawei
    operated like the beggar’s guild and china's central government is in the
    business of fast trains.

    In fact, my own company, EECCL, energy
    engineering computer lab, practiced what huawei did, and much more.  We just put all the employees’ name in the
    company bank accounts.  Aisans liked it,
    but americans kept on emptying the accounts. 
    And cia/fbi/livermore lab investigation completely got lost tracking in
    their money trail, open the way for us to break 2 of the america’s disastrous
    sanctions.

    for all doubters of the above view, they ll be
    hit harder soon with the coming age of automation.  here communists and dictatorship of the
    public will be the only option to sustain our civilization.

    it's a pity that all these future developments
    are sure give all the faithfuls of capitalism, democracy and god unbearable
    amounts of insecurity.

    If trump doesn’t like socialism, he should try
    communism – the only way to catch up with china’s fast trains and huawei’s 5G,
    soon to be 6G.

  28. China is growing because of the techology that theyre stealing! In the asia many of those i phone, i pad or any cellphone or tablet or gadget, shoes, etc…Was selling for affordable price, that is made of china!

  29. China and Russia need to wait until 2020 when Trump will control USA !.Then after military tribunals /Mexican wall/Mueller report (filed away not mad public -Dems cannot justify cost to Americans -)Trump will isolate USA and work with East in new "one goverment for planet " created in East new global economy!.

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