🫡To the Chines people & resilience. CCP has done the impossible, but at a cost as always. Products & services coming out of China are poor in quality due to deliberate corporate corruption (lack of care) in the workshops & factories in China by using poor quality raw materials & poor manufacturing practices not to mention non existent QC QA - this is done at the behest of Western IP owners, and by Chinese owned companies. This is a by product of a monopoly on manufacturing (i.e. China is the world’s factory with no competition) The Chinese factories were making good products in the late 90s and early 2000. Nowadays due to Western Oligarchs, shareholders, management GREED, made in America (union wages) products are made in Taiwan, Malaysia China etc. as a byproduct of globalization. I believe this wastes resources of raw materials when products are designed (in the west) and made (in China) for the dump. I understand that the average household is ok with a poor quality screw driver to do small stuff around the house, but China now has 20 grades of quality up from 10 in the 2010s. I believe in decentralized manufacturing to limit risk (like Covid, war, energy pipe sabotage etc.) but also to increase competition & improve quality. Enough of this cheap China crap, the Chinese worker is being exploited & now Trump wants to deregulate US labour market to $7/hour on skilled labour jobs to compete with China. It’s a mad race to the bottom, exacerbated by monopoly of Shipping companies (multiple national & investor origins) behaving like price pirates, it also doesn’t help that shipping routes are tariffed to oblivion with Panama & Suez taking the lion’s share.
@@souljaboyisbad China is the only major industry countries who build industry system basically only based on people,s intelligence and hardworking without any colony interest. while all the other developed countries more or less transfer the pain to the colony people a lot of them even been genocide. none western countries has moral advantage than china
@@krepa599 Syrian got Civil rights and liberites of the people.lol. and native American got that,too. do not make me laugh by pretending to care about us, we Chinese know what we want. just get your dirty hands off us, please.
Many other developing countries do not have the ingredients China has: cultural cohesion, great work ethics, commonsense on religion, and respect for authorities and other citizens.
I rarely comment on UA-cam video. But as a Chinese born Chinese who still work and live in China, I find myself with a profound feeling and resonance with what he talked in the video. Especially the last historical part. Most westerners thought Chinese people support their government because they are 'brain-washed' by the government, but it is not true. We support the government, because it worked so well and did so good, based on what we achieved by key 'benchmarks'. China helped ten, a hundred millions, or even a billion of people or so, out of POVERTY. Please again, it is not help a million of people, it is a billion of people. I myself is a founder of a high-tech startup, and when you think the country like running a company to achieve certain goals. No matter what kind of capitalism or socialism is, we want the result, we want to achieve what we want to, to beat the KPI. China did a more than excellent work in doing so. That is why Chinese people don't always complain about this, even we certainly know a lot of things lacking, like democracies. It just like: an app achieved 10 millions of daily active users from nothing, but with bad user experience or slow speed - the last part doesn't that matter compared to the first one. Chinese people are proud, historically, but Chinese people are also humbled. Imagine, when President Xi Jing-ping, talked the story that the presententor of the video said in the last part, via a broadcasting service nationwide, just like Churchill did during the WWII. Chinese people will be united, as we all know the humuliating and tough history we have. And now China has the strength to say no to other bullies. President Trump doesn't understand it, as other US policy makers. So, in my point of view, strategically, they made it wrong, and the wrong approach will let them to pay it off by themselves. Better understanding the fundamentals and the history is a key to talk, to negotiate and cooperate. Thanks again, and I sincerely wish you can produce more videos, reporting the facts and the truths, and let more people to make rational decisions. 谢谢。
Your argument is that the ends justify the means. I suppose they do until enough people have enough time and progress to think about freedom and democracy. Then the ends no longer justify the means. Be careful about throwing democracy out the window. It can splash on passers by who might come after you.
@@helengarrett6378 I fully value democracy itself. But it turns out that we need to think strategically before we implement it. In terms of psychology, democracy is something we need all human beings cherish, as it is a born need for any people to express its free ideas and thus leads to progresses. But the thing is, most of the time, democracies cannot lead to the optimal decisions in terms of strategically planning. Make an example, as I run my own company: to run it complete democratically means to let all the employees to vote and decide what should we do next, which is not viable, not in terms of the ownership itself, but because most of the employees don't have the level of thinkings, limited by their own benefits rather than the company's itself. I myself is kinda of a very free person, and I tried to run my company democratically, giving all ppl free rights to talk and think. But it didn't work. Westerners are always cherish democracy as the top thing, but ignoring, or even never thinking about it deeply with others' choices. I mean it is not clever, it means arrogance. By contrast, Chinese, historically, has the habit to adopt different values. (if you know more about Chinese history, you will find so many values co-exist together rather than eliminate one each other). To conclude, I don't think Chinese people (like myself) don't know the value and 'naturally' piss off democracy. It is a more objective way to compare what is a best choice, we we can lay aside what is already in our mind, and pursue for the facts and truths.
@@Veonax again ends justify means. It is your responsibility to advance the thinking of your employees so they understand basic economics. Then it is your job to implement emplotees demands for input into the working conditions, etc. There is a balance. How much more money are you earning than your workers? That us the calitalist trap. Owners and upper level managers do well in a well run company. The rest of us have a very hard time, little rest and no time for our family. Is your company running like our capitalist companies? I have to tell you, as a hard worker for 60 years, I resented my boss who owned many expensive properties that made him millions while I had trouble keeping my growing children in shoes that fit or got worn out quickly. I resented staying late to do last minute tasks while his sons who worked with him took models oyt to expensive night clubs abd bought million dollar condominiums and who were giben a million dollars at the age of 21 while I barely made rent and ran out of food after three weeks each month. His sons went out to eat in fancy restaurants while my kids got bread and sugar with powdeted mild for dinner. No fresh veggies, no fruit. No meat. I resented my bosses who chose to raise health care prices and provided other unions with psychiatric care and glasses while fighting me and my fellow employees who were also union workers and who wanted the benefits we were providing to others. I don' t care if China has come a long way if they build and militarize islands far from the international 12 mile limit of national space in the ocean so they can block ocean access and use all the fish they can grab for China. The hell with the other countries in the area? I read plenty about the Japanrse and China. I read lits about the Long Marcg. I read quite a bit about China's time under Mao and after until now. I an no expert but I know factory workers leave homes in the countruside and leave kids with elderly parents for long periods. I know these policies hurt children, parents, workers are pawns for profit. You need a denocracy movement now and we need socialism now. There is a balance.
@@helengarrett6378 I am the person who earns the least among all people in the company, for 2 years. I earned much much much less than when I used to be as an employee of a big Internet company. The world doesn't work like what you think, just like a founder of a company (me) doesn't earn more than employees. That is what I mean: normal employees don't have the level to think strategically, as I used to be. If a person like you with well educated background, with some sorts of levels of 'understanding China' have a preconceived notions towards my opinions, don't mention others. Sorry if you feel offensive, but let me be clear here, I don't say it personally to you. But let us be objective. You were quite not that rational when I talked with the 'company part'. BTW, when I say Chinese history, check out the ancient 2500 years of the thoughts that Chinese elites brought to the civilization. My advice, check about the buddism, taoism, confusion, Mohism, militarilism (in which domain among the first well-known strategist, Tao Szu with his Art of War). I highly recommend you to reed the Art of War by him, as you will find what China is doing is really like what it is said in the ancient book. Don't fight and go to war with others, but to cooperate instead. To choose 王道 'moral supports' instead of '霸道' hegemony. This kind of philosophy is deeply rooted in Chinese as a culture and as a civilization. So that is why I said and totally agreed with the video author: Trump mis-interpreted China. For my self, and for all the surrounding friends of me, we neither thought to colonize other countries. Most westerners, just DON't GET IT! Most of the westerners just think there is just ONE VALUE, no matter it is democracy, or competition or else. By contrast, we do know, there is other values, other philosophies, other methods, rather than democracy, rather than competition. You guys just can't get it. Please lay aside your preconceived, assumed options, and leave aside the arrogance. Please always remember: arrogance leads to ignorance. Again, sincerely apologize if it is offensive to you, but I don't say it personally to yourself.
@@Veonax I a not a well educated person. I was a low level working person in a capitalist country who is now too old to work anymore. But I started working young and worked continuously except for a short time when my children were very small. My work life was one of being used, abused, and it was unsatisfying. Even my jobs for "nonprofit" organizations attempted to pay me as little as possible. As for ancient Chinese history, that is not pertinent to my basic idea of socialism in a mixed society, with controls on capitalism, wealth and political power and democracy in the general society and at work. Read R.D. Wolff on Democracy at Work. I like his ideas in that book. I like mostnof his ideas. But I do nit think he is impartial when it comes to other socialist countries. In his zeal, sometimes he minimizes problems and within his Marxist analysis he sometimes talks to Americans with a slightly slanted theory. I like his work but I take almost nothing as the absolute truth. I look for mistakes and I punch holes in arguments if I can with my small self-taught understanding. Please excuse typos because I write on a tiny tablet, very old and it is slow to respond to my typing. Also, I have hand tremors. I am the typical elderly worker who dislikes exploitation but values development of potential, believes in social justice, has worked for the betterment of workers and I think for myself. Dogmatic thought makes me go to sleep. I assume you are hiping your business will make you rich sometime. I, on the other hand hope it will make yiur employees cimfortable and yor excess profit will make your government wealthy enough that they casn redustribute the wealth. I hope for you to never be richer than your ten highest paid employees and that they are not paid higher than the highest paid low level worker. Human potential is valuable and wealth distorts thinking.
The video summarizes pretty well what the Chinese have done great: 1) a leading state-owned economy with vibrate private sector (together with a controlled and gradual economic reform to avoid mistakes from USSR) and 2) opening up to the world with a deal that trades technology and capital with labor and consumer market. I think the root cause of all these is that Chinese is a pragmatic people, they seek truth from facts and care less about what ideology/model is absolutely right. As the former leader Deng Xiaoping said, it doesn't matter if it's a black or white cat, as long as it catches mice it's a good cat.
@Xadion and the ancienct Romans were indeed very pragmatic and practical. I watched some videos on Ceasar and his wars, and the way his soldiers built stuff, one wonders: are these soldiers that built stuff or builders who soldier?
China is a paper dragon. You see what happens when the west protects their intellectual property, China collapses. China doesn't trade technology, they steal it. China has cheap hard-working labor. But China is now becoming too expensive to exploit. Chinese workers have to go to Vietnam to find jobs.
@@truedarklander That may be true. Do note, though, that China's population was much, much smaller a couple of centuries ago--as, of course, were the populations everywhere else.
@@julietao2554 - oh yeh .. i agree. The chinese leadership emerges from and for the people. But in general, that wouldn't necessarily always be the case. But at least with political control of capitalism there's the option. There's zero chance that a capitalist controlled political system will work for the people's interest.
lobzang Gyatso This wasn't an endorsement of the Chinese state, it was a (fairly shallow) analysis of it's economic model. There are many things that are not great about the Chinese governance such as suppression of personal freedoms and, as mentioned in the video, rising inequality.
The Chinese model was introduced in Africa and has been producing great fruits. The old saying: 'Africa, a continent without hope', no one remembers anymore, given the incredible development that is currently taking place, thanks for China.
This is just Chinese colinialism. Get there first, invest, exploit, build hegemony. Not what I want. I want to see Africa free, flourishing and independent. Am zi missing something? Isn't that what we did in Latin America?
You know, the benefits Brittain brought to India produced great progress. Did not do much to allow India's culture to be what it was or grow its own way. American investment in Cuba built a gigantic tourist culture and jobs during the Bautista era. But it did not educate peasants. These are examples of exploitation of the basic structure of other nations but while they brought progress, the real purpose was to extract labor, materials and resources for the purpose of making money for another country, not to give the country a chance to develop on its own. Cotton grown in India made money for farmers. Cotton cloth woven there gave India jobs. Then the cloth was sent to England and manufactured into clothes to be sold back to India making money for England. Sounds nice but the farmer and weaver did not make piles of money. They were exploited. The British clothing made piles of money for Brittain because it was sold at a high profit all over the world. Brittain did not develop farm production for weaving in India with indian owned weaving mills where workers got education and benefits so they could buy the fruits of their labor at a price they could afford. The mills were owned by Brittain and the final manufactured product enriched British workers and then British Exporters. And the cloth exported to Brittain on British boats enriched British shippers. Farmers made small money in India. Weavers made small money in India. But Brittain made out like bandits in imports, exports, owning the weaving companies, and manufacturing cotton items and selling them back to India. This is the nature on capitalist colinialism. You think China is giving money and development to Africa without exploiting the continent and its people and without ulterior motives? If you do, I have a bridge to sell you in Brooklyn. It frightenes me to think what China will do with their investments in Africa down the line. China does nothing without goals of enriching itself and empowering itsel first!
Helen Garrett stfu, what have African achieved under the west colonization in the past 100 of yrs? They had never achieved what they have today, plus prove that China has had colonized any country in history. You are simply a hater, don’t bullshit, talk to me with facts.
Wow, this is the best and most informative 30 minutes on China and Chinese mindset and strategy that I've ever heard. Even better than Prof Martin Jacques, who I love and knows his stuff also.
Thank you Dr. Wolff for helping make our world a better place. It's an honor to be able to read your thoughts, which you so readily disseminate, and learn from your understanding of the world.
Dr. Wolff can you please do one more episode of china with much more detailed analysis of party's role and the poverty elimination plans, five year plans etc. Thanks.
Many thanks, as a Chinese , what we have done is “ have been determined not to repeat the Soviet Union’s mistakes “ . What will we do is to avoid the United States’s mistakes which already happened and will happen. A system which better serve their people is the best.
Russia and the central Asian Union actually have recovered very nicely from the Soviet implosion and are more powerful now then before! China steals the headlines but Russia and his satellite nations are doing very well also
Very good comment. Singapore and Germany are the two best examples for China to follow. Of course China is so huge that it can't be exactly like either. But overall those are much better examples.
Eric Chao yea it’s great you guys also don’t have concentration camps and a dictatorship and suppression of privacy and freedom, the inability to have the private sector completely out of control of the government haha
The big issue that is coming for China is when the wealth gap becomes very obvious, like it has in the US and when those who are very wealthy have control of the government and more and more policies seemingly benefit their interests than the vast majority of other people. If China can avoid this, it will probably be one step closer to utopia.
You are being indoctrinated into hating modern economics instead of learning it. You won't make any money or profit here, all you will get is a perspective of resentment that will transform you into yet-another-Vanguard-drone.
China progressed based on rejecting communism in favor of state capitalism. And Russia is a corrupt mafia state... en.wikipedia.org/wiki/State_capitalism Prof. Wolff'??? best oxymoron ever...
@@TheControlBlue it is not my intention to make profit. You are thinking like what you are. I want something better. I want a cool clean world. I want to work and be prodiciive, but compensated fairly so that my job allows me to live and be healthy, adequately fed and have enough leisure to teach and enjoy my wonderful kids. I did not have that. I want a say in where the fruits of my labor go, where my job goes and how much the bosses get paid. I want excess profit to go to the government to help people who must have help, like handicapped people, sick people and old people. I do not wnt profit for me. Inwant profit for us. Do not be greedy. That leads to ugly behavior. I am talking to grown ups, not children who have not yet learned hovaluable humans are and have not yet developed a community conscience. Our capitalistic system is like anthree year old protecting all his toys and not sharing. I look for something kinder and more developed.
@@helengarrett6378 What I see is that you are thinking like a loser. "Oh I just want a decent life and leisure :)". I have a revelation for you, Life is NOT made for things to be decent, you only need to look at Nature or History for 5 mins and you notice that it is the extraordinary, powerful, big or efficient that spread, the rest is brutally eliminated either by the matter or by other living beings. The ONLY reason you can afford those nice but deluded thoughts of "not wanting profit" is because you enjoy the sacrifices of those who came before you and had to toil for you, it's thanks to their profits, either in works or studies, that you can enjoy those kind dreams. Life IS about Profit, that which does not grow DIES, and that which does not SACRIFICE something gets NOTHING. You will -never- have your kind world because everything is made to crush it.
Oh, yeah! I'd like to see the press conferences run by Louis Black. The cranky old guy administration.... Protests in Washington, Bernie gets out on the balcony of the White House and actually yells "Hey, you noisy kids, get off my lawn!". Oh, I can dream, can't I?
@Professor Wolff, Excellent and brilliant presentation. Thanks. (Only wish those in power/charge could appreciate all that's covered in this speech/talk/enlightening by Prof. Wolff.)
They "appreciate" it quite well. That is why the plutocracy is just fine with the US government sliding into Neo-Fascism or any other form of greater repression of The People. However, they see that a repressive government with control by a kleptocracy can gain them even greater wealth at the top than Chinese socialized capitalism would provide. So, the "lesson" they've learned is that the worst of all worlds for The People can create the best of all worlds for them. US plutocrats are backing re-creation of the totalitarian government of China, not its economic system. If the citizens of the US become too poor to afford the output of their own labor, it doesn't matter to the kleptocracy. What is 360 million compared to the markets offered by the 2.5 billion people of China & India? We are expendable. And they don't give a damn about the death of democracy. There's been dwindling economic democracy for the American people for the past 40 years, anyway. And we've done nothing to defend ourselves. If the last vestiges of political democracy are taken from us, why would the plutocrats expect any resistance?
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K in a meme coin from just few months ago and now they are multimillionaires.....
Thank you, thank you, thank you!! So illuminating!! Brings tears to my eyes to think that I’ve lived this long without this clearly articulated information. What a boon to have stumbled upon this channel.
Exactly what I was talking about the whole time. China did not steal the technology the companies traded themselves for the privilege of having cheap labor and excess to huge market
Thanks, Professor Wolff, for serving up yet another economic MEAT SANDWICH for the thoughtful citizen to consider. The few of us that never fell for the media brainwashing LOVE YOU!
lived in China. I believe they've already passed us economically. In terms of purchasing power they already have. Our "GDP" is larger, but this number is largely tied to the cost of goods, which we as Americans massively overpay for. In China, rent, food, consumer goods, transportation, are still quite affordable. But the massive amount of investment in infrastructure, modern buildings, transportation (roads, subways/metros, high speed trains), housing (modern apartments) is unbelievable, and if you look at our crumbling cities, homeless encampments, military spending and general economic corruption, there is no comparison
How much money do the people outside of the cities have? There is a reason all of the sites you can find always have an asterisk on the middle class stating urban population only.
@@joebin3286 that's a good point. Rural communities are likely poorer. China has 1.3 billion people. However, transportation, infrastructure has had a wide ranging impact
@@davidschlessinger9945 I'm not saying things are not improving but to make them out to be close to America or that their growth is anything more than a poor country becoming strong economically off of the exploited labor of its people is being disingenuous.
@@davidschlessinger9945 SO you believe that they are able to provide great working conditions and good salaries to the individuals working in their factories?
Professor Wolf - Thank you for your passionate and logically presented background to how China has reached where it has. As always, you make the rear-view mirror of history point forwards to our present and future with clarity, for which I am grateful.
Professor Wolff truly understand Chinese history, current economic system, and its people's mind. What he shared here are well aligned with what I have learned from my education and the feeling as a Chinese when I was in my country. I was not a fan of the CCP while I was in China, but my mind has gradually changed last few years here in the US, since I have seen what the Chinese government has done to the Chinese, as well as the government of the United States to its people.
An excellent and unbiased overview which Trump and the current law makers of the US should learn and be enlightened on the reality of events that is the true way in making a nation great. It is certainly not the "Make America Great" as per the doctrine of Trump.
Hi Professor Wolff, I always enjoy your talks and have been your follower for a few years. I enjoyed your update on China's Economic Development and Strategy, and I want to comment on the subject based on some of my personal background and experience of China. I was born and raised in Hong Kong during 1950s and 60s when China hit bottom both economically and culturally (big leap forward, and cultural-revolution). I was fortunate to be able to come and be educated in the states and lived here for 12 years before going back to Asia to involve in global trading for 30 years before retiring back to US. In my last 10 years in Asia, I worked for a Carolina-based US manufacturing company as it's country manager, 7 of which was in China working out of Shanghai and Qingdao--1910 to t0 1917- the period when China experienced the most enormous economic growth, whereas the manufacturing industries in US was in rapid decline, when globalization of business was in full swing, The matter of fact is globalization of businesses and industries benefit all countries involved, the differences are who within those countries benefiting from it, In the case of China, where the gov. had decided at its onset that it would use globalized manufacturing as its explicit national goal to enrich the country and its people, lifting them from from abject poverty as its ultimate objective. As a result, China has managed to redistribute the wealth it made from opening its economic to the west (especially USA) to benefit the entire nation. As an example: 1. During the period when I was there (and many years before from record). the company I worked for had given 8 to 12% of annually salary-raise to all its employees in China. This is not a government regulation but a simple fact of life-a company cannot hire good workers if thy do not give those compensation. What was the average salary raise in that period in US., we were lucky to get 2 to 3 % a years. 2. As a communist-urn-socialistic country, China promised everyone of it citizen would be taken care for life- it was a promise note more than anything , as there was no monetary reserve kept for such purpose. As a result, when China transforms its economy to private enterprise structure, it has to prepare for such financial social commitment and obligation! To this end, any private company operating in China with a working staff has to pay a huge social insurance premiums (equivalent to social security in US). The US company I worked for in Shanghai had contributed 42% take-home social insurance to our employee's account, while the employees contributed 18% (The social insurance is managed by the provinces instead of the central gov., as a result, most migrant workers from other provinces may not want to contribute as they would not benefit from the social insurances when they stop working in those provinces the y are working for now.. And, there are many classifications of cities, counties and townships within an provinces, and the costs of social insurances are different. But my guess is Shanghai and Beiging, Zinzheng and Gaungzhou command the highest premiums as they are the biggest cities.) 3. Chinese government also trickles down huge amount of earnings it has made from exporting manufacturing goods in the form and shape of shape of infrastructure, especially in high-speed railways, highways and even city roads. The transportation infrastructures so created have connected cities of various sizes in so many ways and speed so far unimaginable- which may account for the neck-breaking pace of China's economic growth in the last 2 decades. On the other hand, what have our country used the monies we have made in the last 3 decades of globalizing our businesses and industries for public goods and benefits. The answer is "nothing". Our political and economic systems simply do not allow any meaningful redistribution of wealth we have made by globalization, but accumulating them to the benefits of a handful who use them to leverage for more wealth and power-resulting in hundreds and thousands more billionaires, or modern plutocrats as you may. Just imagine, if our political system would allow us to tax those millionaires and billionaires at the same average rate as our common fellow citizen, and use the resulting revenues to educate a new generation of US workforce, and to rebuild our new infrastructure in the face of new and bigger challenges such as climate change and increasing homelessness etc. our country would be a much better place! oligar1. During the period when I was there (and many years before from record). the company I worked for had given 8 to 12% of annually salary-raise to all its employees in China. This is not a government regulation but a simple fact of life-a company cannot hire good workers if thy do not give those compensation. What was the average salary raise in that period in US., we were lucky to get 2 to 3 % a years. 2. As a communist-urn-socialistic country, China promised everyone of it citizen would be taken care for life.
Thank you, Richard, for this lecture which I watched with great interest. Your understanding of China (civilisation, history, people and current ruling government) is very impressive for this humble Chinese viewer. In addition, you shown an incredible insight into America and Russia political systems, all of which makes this video one of the best I have seen so far. Look forward to more of your analyses on Democracy @ Work.
@@MrZombieEater The majority of the poor people in China live in the rural areas, so altough they are poor, they at least are able to grow their own food, unlike most poor here in the US, that live on the city center and have no acess to food but junk food. Also, China has not even close the amount of crime as the US has, and believe it or not, the US, despite having a about 4-5 times less population, it has bigger absolute number of incarcerated people.
Prof. Huang UA-cam said 97% of Chinese residents owned their residence property in city. Other UA-cam from Ting said China lift 850 millions people from extremely poverty. The extreme poverty income is twice of the international average income that they have water and electricity. Also saw a video. Oh China built these railroad hardly running. But I also saw video that people from village grew their crops and sell their vegetables, eggs in the city by taking the railroads. Railroad may not run as frequency as commuters railway. These village people are pretty happy and talking to each other villagers in the train that they make hundred of yuan daily. I am happy to see their hard work and make their living.
"Real wages today is actually slightly lower than it was in 1973." Yes, after talking to some retired people I believe this is a very accurate statement.
This is the best summary I have ever listened and watched in the western world. I can’t believe Prof Wolff did it in just 30 minutes! Amazingly, the content presented is the real facts, real history, real conditions happened in China. That’s my best 30 min learning China in English! Thank you so much, Prof. Wolff!
I love the way professor Explains Even complecated Concepts..... Wish I had a live lecture from you Sir...... 😍 Democracy at Work..... Thank you.....😍😍😍😍😍😍
This was fascinating. I remember that several decades ago, we still talked about massive hunger in China. No one has mentioned hunger since: It doesn't exist, and that, all by itself, is a wonder to behold. I did not know how the transition from a purely Socialist model to a mixed economy took place, I now understand it and am grateful to Richard Wolff for his clear, factual, and informative explanations.
Thanks professor Richard Wolff.you are one of rare westerner telling the true story.I tally agree with you.let 's the time will tell.so the main stream of western media they will realise that.on good thing they can run state own enterprises suscessfully.this is my respect.
The first half of the professor's lecture is content of the economics in politics class from high school to college，and the second half is the content of the history content from junior high school to college. The content is the same, but the depth is different in different period class.Thanks for sharing the truth！
Thank you for the information. I had a general sense that this was the case, but you have filled in the blanks and confirmed what I basically always knew. 👍
I'm madder than hell about being forced to be a part of the inherently corrupt system of capitalism, especially when I can't afford a GD thing in it . . . even though I'm a good person.
Just another clue for you: 1980s, leader Deng Xiao Ping, “Chief architect of the reforming and opening-up”, planed to build China into a “moderately developed country” in 70 years. 40 years passed, the plan is still going well. What kind of parties can make a plan and work on it insistently for 7 decades? Not the kind can rule only 4 years.
A really good, informative and illuminating lecture! Simple and straightforward explanations in a simple and straightforward language! Congratulations!
This was very much appreciated Dr. Wolff. Filled in some details about what I had only heard about in general. One thing that has really impressed me about the Chinese is that they have been willing to admit it when they make mistakes and correct themselves. For example in regards to the Environmental Crises in their country. Most Americans in marked contrast are the exact opposite. I think this is a major reason why China is destined to be the worlds dominant nation while the United States is destined for eventual 3rd world status.
But but but... Venezuela... Funny how their idea of "socialism" is a country with over 3/4 of its economy being private business. Which is in-line with most other European countries. Its also funny how their criticisms always leave out the artificial deflation of oil prices orchestrated by the Saudis and Americans to try crush the Iranian and Russian economies. Or how about the economic warfare via sanctions which have been described as siege warfare, or the coup and assassination attempts. Its like breaking the arms and legs of a person, then complaining how they cannot work to support themselves. I wonder if they can see the irony in that.
To be honest I do not care if those countries succeed. My issue with Socialism is the fact that you are giving a corrupt government which they all are to much power over their people. that never turns out good for the little man. In today's society even though they want you to think otherwise you can make yourself into just about anything you want to be. It is sad that America has turned into a bunch of people that want the government to step in and take care of their issues.
Well, not exactly) The Saudis lowered the price of oil to kill shale oil in the United States. Sanctions for Russia as a whole bring not only a negative effect, but also a positive one. Well, for example, oligarchs close to Putin can no longer withdraw their funds to Western offshore companies so freely. Of course, the risk of an oligarchic coup is created (just what the US wants) The ban on the sale of certain types of goods creates a need for building the production of such goods in Russia.
@@romanyarkov8426 No, the concept was cooked up primarily to kill external competition from Iran and Russia. There are competing pipelines from Iran and Russia that are a far greater threat to thr Saudis than from frakking. Besides shale oil runs at a loss unless its selling at $100 a barrel. The oligarchs in Russia, created after the fall of the Soviet union, are in direct contradiction with Putin and have been for a long time. Putin has been fighting them because they are moving enormous amounts of wealth outside the country to avoid paying taxes. Where do you think the Magnitsky act came from, a former Russian billionaire who tried to avoid taxes in Bill Browder. So your analysis is full of half-truths.
@@obione69 Well, this is also not entirely true) The oligarchs, who are close to Putin, still withdraw money to foreign offshore companies. In any case, the sanctions bring certain benefits. In our third world countries, you can easily steal from the country if you are loyal to the west. And then run away to the west or to some paradise island, with lots of money. You will be allowed to do this if you are loyal to the west.
@@obione69 And Bill Browder and Khodorkovsky are fraudsters. Khodorkovsky (YUKOS) sold oil as a “liquid” without paying taxes), but Western propaganda made him a hero who opposes a terrible Putin)
There are a few things that may be interesting 1) Soviet industrialization from 1920's depends much from Germany's help . Germany was isolated by the West too. 2) Initially ,Mao wanted to get close to US , but was rejected by US. Thus Mao turned to Soviet Union 3) State owned enterprise was the in thing in the world in 1950's and 1960's. China state owned enterprises saved China from total chaos in the 1950's to 70's.
John Pilger's recent documentary, "The Coming War on China" has a section where the economy of China is quite succinctly and accurately described, by a Chinese source. He basically says that China, under the NEP, has created a consumer market on par with that in the United States, and this has all been a result of China's move to invite in foreign capital (after their meeting with Milton Friedman in 1987) but they kept the influx of capital rigidly controlled ... and as the speaker says - the only difference between the US and China lies in the fact that in China, there is 1 monolithic party which can not be bought or controlled by Capital. The CCP makes all of the economic decisions in China and Capital can not buy it off, whereas, in the United States, we have 2 dominant bourgeois parties that are completely controlled by Capital.
Big G Haywood I'm not sure if 1 party is less likely to be bought off by capital than 2 or if the CCP is as impervious to the corruption of capital as you claim. After all, they have quite a few billionaires in high up ranks.
In the US we have one party with 2 flavors... take your pick. The wealth of The People is funneled upward in either case. We live in a one-party totalitarian corporatocratic state, quickly sliding into Neo-Fascism since Neo-liberalism has reached its limits... all increasingly driven by the interests & $$$ power of a kkkleptocracy.
@@julieannmyers8714 You are correct, it's really one party ... the bourgeois "Money Party." If we're honest about US History and the development of the United States's government structure and its economy, then we'll recognize that our government was devised, since its inception, to be a government of the bourgeoisie. They have to give our people the illusion of choice and that is easily handled through 2 rigidly-controlled parties. I would say that Neoliberalism (the economic ideology of Ayn Rand and Milton Friedman ... basically the Von Mises school) has always been thinly-veiled Fascism. And since its contradictions are becoming more and more difficult to mask over, our system is beginning to overtly recognize its Fascist nature.
@@ohmandamp Well, the fact that there are billionaires in China is just the natural trend of private enterprise, but I think the fact that the CCP runs things in China was made very clear to foreign capital before they were invited in.
@@itzenormous it seems to me that Thatcher-Reagan Neo-liberalism is inevitably drawn toward some form of totalitarianism. It's capitalism, after all. As political ideology, Libertarianism is most closely aligned with the economics of Hayek-von Mises, Friedman-Greenspan. It seems to me that, just as Neo-liberalism has hit its limits, Libertarianism has also peaked & hit a saturation point. The kkkleptocracy is driving the narrative toward Neo-Fascism because it can achieved a level of intensity of control of which Libertarianism is incapable. The best article I've found explaining to me how there can be affinity between Libertarianism & Neo-Fascism -- because it baffled me -- is this one: aeon.co/essays/the-macho-violent-culture-of-italian-fascism-was-prophetic I still find it curious that the third leg of the GOP troika: Theocratic Christian Nationalism, is tolerable to Libertarians... perhaps US Libertarians never really were Libertarians? Their commitment is to something deeper & darker within it? Was "libertarian" always just a coded signal for "fascist" before Hitler became fashionable again?
The original "cheap manufacturer" was Japan. I can remember as a youth seeing "made in Japan" , printed in just about everything. It's funny how we've all forgotten about this.
A nice summary. I think it's also really important to get away from capitalism vs socialism. Capitalism or markets from the view of the CCP does not run contrary to socialism. Capitalism is a historical economic stage described by Marx. Just as feudalism is the birth giver of capitalism the Chinese Communist Party believe capitalism is the mid wife of socialism. Socialism then for the Chinese is something to be built (using capital). However, they believe future historical epochs can only be successful if they produce a means of production and technological base far more advanced than capitalism.
Capitalism is better than socialism in the economic world, period. The PRC's amazing economic development is because they have learned a lesson from USSR and capsuled its core economic strategy by capitalism. In other words, these Chinese folks creatively separated economic and political systems to make both socialism and capitalism work together like no other country on this planet. It somehow makes this country to enjoy more benefits from both systems, but avoid some of the weaknesses by having this "mixed" system. At the western side, EU and some states of America have an uprising voice for socialism, which may create a mixed system as well. Any pure capitalism or socialism is completely out of date to have 100% dead end ahead.
You're right partially. However, I must note the fact the Chinese model applies both socialism and capitalism on all its economy, core or not. Take for example, it requires socialist determination to build a High Speed Rail Network because it is expensive, the payback is long term and lots of people opposes it. But at the same time, the rails are operated like any capitalist project, and it makes money!! The other example is the cell phone network where over 90% China are connected, down to the last household in the middle of a mountain forest. China is a huge interplay of communism, socialism and capitalism.
@@klu7499 Hi. I do not exactly understand what do you mean by saying "applies both socialism and capitalism on all its economy" but i could correct some data on your example that chinese high-speed railway business is not in "profit" there are only a few lines could generate net profit but most of the lines are tie or losing money. for example, lines to xinjing or gansu. you can't really get accountant numbers on these lines as chinese gov doesn't want it to be exposed, but only seeing profitable lines like beijing-shanghai. chinese rail-way has separated as an independent company with hundreds of billions debate (in USD), which was lent by the national owned bank. it will take hundreds years to pay the loan back. no capitalism will allow this, as it will lead to "bankruptcy" immediately. the reason why it doesn't go bankrupt and keep expanding is that there is a national will on this, usually can be found at socialism, as it believes it will benefit social (people), and this money is actually owned by people. plus, it will push GDP to a lot and create many jobs at the domestic market. however, the interesting, or unique thing is, chinese still employed its socialism core by capitalism cloth. you see they separated rail-way or telecom as a real entity, which is entitled to any loan, auditing, risk control, and even better position to hire external intelligence, like employees and contractors etcs... this is hard to see at other countries, even there are, they are more strictly ruled by parliament, which we consider chinese gov or CCP doesn't have any.
There is more to the story of how China became a communist-dominated nation. The initial effort to unify the Chinese and liberate them from foreign domination was undertaken under the leadership of Sun Yat Sen. Sun tried to implement an economic program based on principles he learned reading Henry George. He faced deep opposition from China's landed elite, and his revolution ultimately failed. An address he delivered in 1912 was published in a NY newspaper. It offers some insight into his hope for China: www.cooperative-individualism.org/yat-sen-sun_china's-next-step-1912-sep.pdf
very objective and unbiased inforrmation you have presented in thi video. People need to see the real thing to be able yo make correct judgement, this is not the case when it come to China. You are absolutely helping !
Professor Wolff, the Civil War did not start in 1945. The Communists were fighting against Chang Kai Cheks' Kuomintang since the early 1930, and the Red Army really had to fight a Two Front War, against the Japanese and the Kuomintang Nationalists. the American General Stillwell reported that the Communists were a better partner in the Fight against Japan, and that in many cases the Nationalists were teaming up with the Japanese against the Communists (Stillwell was go through some hard times during the McCarthey Era. ). But, Professor Wolff, you must have heard about the LONG MARCH. It is sort of the Foundational Story of Chinese Communism. It seems that that the Kuomintang surprised them with Night Arrests and Massacres, but that many Communists escaped and did their Long March to the West to reach safety and to organize their retaliation and revenge. I can't believe you don't know about The Long March. Maybe between writing books you can take some time to read one.
From a Chinese immigrant to the US, Great honest analysis of China. Thank You.
I love Chinese history was gripped in school in the uk when I was 15 ... I am 50 now ... be proud
@@DJsaima Yes I agree, I love to learn about China and feel extremely ashamed of what Europeans have done there in the last 300 years.
🫡To the Chines people & resilience. CCP has done the impossible, but at a cost as always. Products & services coming out of China are poor in quality due to deliberate corporate corruption (lack of care) in the workshops & factories in China by using poor quality raw materials & poor manufacturing practices not to mention non existent QC QA - this is done at the behest of Western IP owners, and by Chinese owned companies. This is a by product of a monopoly on manufacturing (i.e. China is the world’s factory with no competition) The Chinese factories were making good products in the late 90s and early 2000. Nowadays due to Western Oligarchs, shareholders, management GREED, made in America (union wages) products are made in Taiwan, Malaysia China etc. as a byproduct of globalization. I believe this wastes resources of raw materials when products are designed (in the west) and made (in China) for the dump. I understand that the average household is ok with a poor quality screw driver to do small stuff around the house, but China now has 20 grades of quality up from 10 in the 2010s. I believe in decentralized manufacturing to limit risk (like Covid, war, energy pipe sabotage etc.) but also to increase competition & improve quality. Enough of this cheap China crap, the Chinese worker is being exploited & now Trump wants to deregulate US labour market to $7/hour on skilled labour jobs to compete with China. It’s a mad race to the bottom, exacerbated by monopoly of Shipping companies (multiple national & investor origins) behaving like price pirates, it also doesn’t help that shipping routes are tariffed to oblivion with Panama & Suez taking the lion’s share.
I ordered stuff from china and I can tell you that their product quality are improving..hmmmm..
You won't see this kind of analysis anywhere else. Thankyou Professor
That's because it's bad.
@@GlendaBlumenthal Why is it bad?
This guy is a junior high school level huckster. China builds empty cities and calls it economic growth.
@@davidrapalyea7727 They build those to stay ahead of the birth rate and make sure everyone can afford housing.
@@davidrapalyea7727 The house next door is empty. And we have numerous homeless living just down the street. What's your point? The Chinese plan ahead
Once again thanks to Professor Wolff. 🧐
For making statements about a country growing "faster" than America?
China's success has proved Western democracy is not the only way. Developing country have other options
No doubt
China has a lot of raw power with its population
@@souljaboyisbad China is the only major industry countries who build industry system basically only based on people,s intelligence and hardworking without any colony interest. while all the other developed countries more or less transfer the pain to the colony people a lot of them even been genocide. none western countries has moral advantage than china
@@krepa599 Syrian got Civil rights and liberites of the people.lol. and native American got that,too. do not make me laugh by pretending to care about us, we Chinese know what we want. just get your dirty hands off us, please.
Many other developing countries do not have the ingredients China has: cultural cohesion, great work ethics, commonsense on religion, and respect for authorities and other citizens.
I rarely comment on UA-cam video. But as a Chinese born Chinese who still work and live in China, I find myself with a profound feeling and resonance with what he talked in the video. Especially the last historical part.
Most westerners thought Chinese people support their government because they are 'brain-washed' by the government, but it is not true. We support the government, because it worked so well and did so good, based on what we achieved by key 'benchmarks'. China helped ten, a hundred millions, or even a billion of people or so, out of POVERTY. Please again, it is not help a million of people, it is a billion of people.
I myself is a founder of a high-tech startup, and when you think the country like running a company to achieve certain goals. No matter what kind of capitalism or socialism is, we want the result, we want to achieve what we want to, to beat the KPI.
China did a more than excellent work in doing so.
That is why Chinese people don't always complain about this, even we certainly know a lot of things lacking, like democracies.
It just like: an app achieved 10 millions of daily active users from nothing, but with bad user experience or slow speed - the last part doesn't that matter compared to the first one.
Chinese people are proud, historically, but Chinese people are also humbled.
Imagine, when President Xi Jing-ping, talked the story that the presententor of the video said in the last part, via a broadcasting service nationwide, just like Churchill did during the WWII. Chinese people will be united, as we all know the humuliating and tough history we have. And now China has the strength to say no to other bullies.
President Trump doesn't understand it, as other US policy makers. So, in my point of view, strategically, they made it wrong, and the wrong approach will let them to pay it off by themselves.
Better understanding the fundamentals and the history is a key to talk, to negotiate and cooperate.
Thanks again, and I sincerely wish you can produce more videos, reporting the facts and the truths, and let more people to make rational decisions. 谢谢。
Your argument is that the ends justify the means. I suppose they do until enough people have enough time and progress to think about freedom and democracy. Then the ends no longer justify the means. Be careful about throwing democracy out the window. It can splash on passers by who might come after you.
@@helengarrett6378 I fully value democracy itself. But it turns out that we need to think strategically before we implement it. In terms of psychology, democracy is something we need all human beings cherish, as it is a born need for any people to express its free ideas and thus leads to progresses. But the thing is, most of the time, democracies cannot lead to the optimal decisions in terms of strategically planning. Make an example, as I run my own company: to run it complete democratically means to let all the employees to vote and decide what should we do next, which is not viable, not in terms of the ownership itself, but because most of the employees don't have the level of thinkings, limited by their own benefits rather than the company's itself. I myself is kinda of a very free person, and I tried to run my company democratically, giving all ppl free rights to talk and think. But it didn't work. Westerners are always cherish democracy as the top thing, but ignoring, or even never thinking about it deeply with others' choices. I mean it is not clever, it means arrogance. By contrast, Chinese, historically, has the habit to adopt different values. (if you know more about Chinese history, you will find so many values co-exist together rather than eliminate one each other). To conclude, I don't think Chinese people (like myself) don't know the value and 'naturally' piss off democracy. It is a more objective way to compare what is a best choice, we we can lay aside what is already in our mind, and pursue for the facts and truths.
@@Veonax again ends justify means. It is your responsibility to advance the thinking of your employees so they understand basic economics. Then it is your job to implement emplotees demands for input into the working conditions, etc. There is a balance. How much more money are you earning than your workers? That us the calitalist trap. Owners and upper level managers do well in a well run company. The rest of us have a very hard time, little rest and no time for our family. Is your company running like our capitalist companies? I have to tell you, as a hard worker for 60 years, I resented my boss who owned many expensive properties that made him millions while I had trouble keeping my growing children in shoes that fit or got worn out quickly. I resented staying late to do last minute tasks while his sons who worked with him took models oyt to expensive night clubs abd bought million dollar condominiums and who were giben a million dollars at the age of 21 while I barely made rent and ran out of food after three weeks each month. His sons went out to eat in fancy restaurants while my kids got bread and sugar with powdeted mild for dinner. No fresh veggies, no fruit. No meat. I resented my bosses who chose to raise health care prices and provided other unions with psychiatric care and glasses while fighting me and my fellow employees who were also union workers and who wanted the benefits we were providing to others. I don' t care if China has come a long way if they build and militarize islands far from the international 12 mile limit of national space in the ocean so they can block ocean access and use all the fish they can grab for China. The hell with the other countries in the area? I read plenty about the Japanrse and China. I read lits about the Long Marcg. I read quite a bit about China's time under Mao and after until now. I an no expert but I know factory workers leave homes in the countruside and leave kids with elderly parents for long periods. I know these policies hurt children, parents, workers are pawns for profit. You need a denocracy movement now and we need socialism now. There is a balance.
@@helengarrett6378 I am the person who earns the least among all people in the company, for 2 years. I earned much much much less than when I used to be as an employee of a big Internet company. The world doesn't work like what you think, just like a founder of a company (me) doesn't earn more than employees. That is what I mean: normal employees don't have the level to think strategically, as I used to be. If a person like you with well educated background, with some sorts of levels of 'understanding China' have a preconceived notions towards my opinions, don't mention others. Sorry if you feel offensive, but let me be clear here, I don't say it personally to you. But let us be objective. You were quite not that rational when I talked with the 'company part'. BTW, when I say Chinese history, check out the ancient 2500 years of the thoughts that Chinese elites brought to the civilization. My advice, check about the buddism, taoism, confusion, Mohism, militarilism (in which domain among the first well-known strategist, Tao Szu with his Art of War). I highly recommend you to reed the Art of War by him, as you will find what China is doing is really like what it is said in the ancient book. Don't fight and go to war with others, but to cooperate instead. To choose 王道 'moral supports' instead of '霸道' hegemony. This kind of philosophy is deeply rooted in Chinese as a culture and as a civilization. So that is why I said and totally agreed with the video author: Trump mis-interpreted China. For my self, and for all the surrounding friends of me, we neither thought to colonize other countries. Most westerners, just DON't GET IT! Most of the westerners just think there is just ONE VALUE, no matter it is democracy, or competition or else. By contrast, we do know, there is other values, other philosophies, other methods, rather than democracy, rather than competition. You guys just can't get it. Please lay aside your preconceived, assumed options, and leave aside the arrogance. Please always remember: arrogance leads to ignorance. Again, sincerely apologize if it is offensive to you, but I don't say it personally to yourself.
@@Veonax I a not a well educated person. I was a low level working person in a capitalist country who is now too old to work anymore. But I started working young and worked continuously except for a short time when my children were very small. My work life was one of being used, abused, and it was unsatisfying. Even my jobs for "nonprofit" organizations attempted to pay me as little as possible.
As for ancient Chinese history, that is not pertinent to my basic idea of socialism in a mixed society, with controls on capitalism, wealth and political power and democracy in the general society and at work. Read R.D. Wolff on Democracy at Work. I like his ideas in that book. I like mostnof his ideas. But I do nit think he is impartial when it comes to other socialist countries. In his zeal, sometimes he minimizes problems and within his Marxist analysis he sometimes talks to Americans with a slightly slanted theory. I like his work but I take almost nothing as the absolute truth. I look for mistakes and I punch holes in arguments if I can with my small self-taught understanding.
Please excuse typos because I write on a tiny tablet, very old and it is slow to respond to my typing. Also, I have hand tremors. I am the typical elderly worker who dislikes exploitation but values development of potential, believes in social justice, has worked for the betterment of workers and I think for myself. Dogmatic thought makes me go to sleep.
I assume you are hiping your business will make you rich sometime. I, on the other hand hope it will make yiur employees cimfortable and yor excess profit will make your government wealthy enough that they casn redustribute the wealth. I hope for you to never be richer than your ten highest paid employees and that they are not paid higher than the highest paid low level worker. Human potential is valuable and wealth distorts thinking.
The video summarizes pretty well what the Chinese have done great: 1) a leading state-owned economy with vibrate private sector (together with a controlled and gradual economic reform to avoid mistakes from USSR) and 2) opening up to the world with a deal that trades technology and capital with labor and consumer market. I think the root cause of all these is that Chinese is a pragmatic people, they seek truth from facts and care less about what ideology/model is absolutely right. As the former leader Deng Xiaoping said, it doesn't matter if it's a black or white cat, as long as it catches mice it's a good cat.
NB enjoyed your post great anlysis well presented
Best introduction ever
NB: Well put!
@Xadion and the ancienct Romans were indeed very pragmatic and practical. I watched some videos on Ceasar and his wars, and the way his soldiers built stuff, one wonders:
are these soldiers that built stuff or builders who soldier?
China is a paper dragon. You see what happens when the west protects their intellectual property, China collapses. China doesn't trade technology, they steal it. China has cheap hard-working labor. But China is now becoming too expensive to exploit. Chinese workers have to go to Vietnam to find jobs.
Actually, in 1776, when Adam Smith wrote "The Wealth of Nations," China was the worlds largest economy.
Not GDP per capita wise
@@truedarklander That may be true. Do note, though, that China's population was much, much smaller a couple of centuries ago--as, of course, were the populations everywhere else.
YOU FORGOT ONE THING. THEY WERE NEVER COMMUNIST.
@@marcusdevalera5328 don't you think COMMUNIST is more democratic then emperor?
@@JohnDoe-gi7ty but they still were better off before Communism came over.
so Chinese Communism = a politically controlled capitalist system
western capitalism = a capital controlled political system
/a simplistic wild guess
Exactly! Because CCP has no himself interest.
@@julietao2554 - oh yeh .. i agree. The chinese leadership emerges from and for the people. But in general, that wouldn't necessarily always be the case. But at least with political control of capitalism there's the option. There's zero chance that a capitalist controlled political system will work for the people's interest.
Interesting food for thought
@@julietao2554 I'm sure the people were really happy about tiannamen square.
@@julietao2554 I'm sure the people in tiannamen square were very happy about their right to live.
I love Professor Wolfe.
He works tirelessly to try make the lives of his fellow man better.
And he's been doing it for decades.
I was amazed to find he is now 78!
great! next time when people ask me why a Tibetan living in China like me supporting the CCP I will send them the link of this video.
Greeting from Guangzhou.
@@haolianghuang7261 雷猴啊
lobzang Gyatso 哈哈哈，扎西德勒😆
lobzang Gyatso
This wasn't an endorsement of the Chinese state, it was a (fairly shallow) analysis of it's economic model. There are many things that are not great about the Chinese governance such as suppression of personal freedoms and, as mentioned in the video, rising inequality.
@James Lum What are you even talking about? What is my 'kind'?
The Chinese model was introduced in Africa and has been producing great fruits. The old saying: 'Africa, a continent without hope', no one remembers anymore, given the incredible development that is currently taking place, thanks for China.
This is just Chinese colinialism. Get there first, invest, exploit, build hegemony. Not what I want. I want to see Africa free, flourishing and independent. Am zi missing something? Isn't that what we did in Latin America?
EYS BitOfAll Media you can’t copy the whole thing. You have to write a system based on your own culture.
You know, the benefits Brittain brought to India produced great progress. Did not do much to allow India's culture to be what it was or grow its own way. American investment in Cuba built a gigantic tourist culture and jobs during the Bautista era. But it did not educate peasants. These are examples of exploitation of the basic structure of other nations but while they brought progress, the real purpose was to extract labor, materials and resources for the purpose of making money for another country, not to give the country a chance to develop on its own. Cotton grown in India made money for farmers. Cotton cloth woven there gave India jobs. Then the cloth was sent to England and manufactured into clothes to be sold back to India making money for England. Sounds nice but the farmer and weaver did not make piles of money. They were exploited. The British clothing made piles of money for Brittain because it was sold at a high profit all over the world. Brittain did not develop farm production for weaving in India with indian owned weaving mills where workers got education and benefits so they could buy the fruits of their labor at a price they could afford. The mills were owned by Brittain and the final manufactured product enriched British workers and then British Exporters. And the cloth exported to Brittain on British boats enriched British shippers. Farmers made small money in India. Weavers made small money in India. But Brittain made out like bandits in imports, exports, owning the weaving companies, and manufacturing cotton items and selling them back to India. This is the nature on capitalist colinialism. You think China is giving money and development to Africa without exploiting the continent and its people and without ulterior motives? If you do, I have a bridge to sell you in Brooklyn. It frightenes me to think what China will do with their investments in Africa down the line. China does nothing without goals of enriching itself and empowering itsel first!
Helen Garrett stfu, what have African achieved under the west colonization in the past 100 of yrs? They had never achieved what they have today, plus prove that China has had colonized any country in history. You are simply a hater, don’t bullshit, talk to me with facts.
Helen Garrett plus you have no right to speak for African since you are not, they know better about their lives than you.
Wow, this is the best and most informative 30 minutes on China and Chinese mindset and strategy that I've ever heard. Even better than Prof Martin Jacques, who I love and knows his stuff also.
Thank you Dr. Wolff for helping make our world a better place. It's an honor to be able to read your thoughts, which you so readily disseminate, and learn from your understanding of the world.
Z5z😂
The very few people that understand China online. Keep up the good work.
Dr. Wolff can you please do one more episode of china with much more detailed analysis of party's role and the poverty elimination plans, five year plans etc. Thanks.
you can search "Amazing China" on UA-cam.
我們中國人總先想未來想做的事
然後檢視現在自己缺少的
需要補強的
然後規劃五年內分階段去完成
如果能提早完成最好
不然也要如期完成
倘若不能完成
就要再檢視不能完成她原因
檢討，規劃，實行，檢討。。。。
一直持續
另外，全民生活中都用的油，鐵，鹽等重要資源自古就是中央政府掌握
不允許私人擁有
所以中國並不師法蘇聯
而是在清末民初的動亂年代希冀找出適合中國進步的方式
CGTN is very good!
maybe you can have a look in our history book...if you understand Chinese
Many thanks, as a Chinese , what we have done is “ have been determined not to repeat the Soviet Union’s mistakes “ . What will we do is to avoid the United States’s mistakes which already happened and will happen. A system which better serve their people is the best.
Russia and the central Asian Union actually have recovered very nicely from the Soviet implosion and are more powerful now then before! China steals the headlines but Russia and his satellite nations are doing very well also
Very good comment. Singapore and Germany are the two best examples for China to follow. Of course China is so huge that it can't be exactly like either. But overall those are much better examples.
Eric Chao yea it’s great you guys also don’t have concentration camps and a dictatorship and suppression of privacy and freedom, the inability to have the private sector completely out of control of the government haha
The big issue that is coming for China is when the wealth gap becomes very obvious, like it has in the US and when those who are very wealthy have control of the government and more and more policies seemingly benefit their interests than the vast majority of other people. If China can avoid this, it will probably be one step closer to utopia.
What an excellent program! Thank you for such a clear and concise economic lesson.
Amazing and impartial, as always Prof. Dr. Wolff. Your insights as guest on RT are always profound. Thanks again.
You are a gem Richard Wolf, broadening outlooks for people is so important , you are doing a great service to those that try to understand.
Thank you Dr. Wolff! I am learning so much and sharing with my friends as well. What a privilege to hear your lectures. Thanks again!!
You are being indoctrinated into hating modern economics instead of learning it.
You won't make any money or profit here, all you will get is a perspective of resentment that will transform you into yet-another-Vanguard-drone.
@@TheControlBlue what do you mean? What's your point?
China progressed based on rejecting communism in favor of state capitalism. And Russia is a corrupt mafia state... en.wikipedia.org/wiki/State_capitalism
Prof. Wolff'??? best oxymoron ever...
@@TheControlBlue it is not my intention to make profit. You are thinking like what you are. I want something better. I want a cool clean world. I want to work and be prodiciive, but compensated fairly so that my job allows me to live and be healthy, adequately fed and have enough leisure to teach and enjoy my wonderful kids. I did not have that. I want a say in where the fruits of my labor go, where my job goes and how much the bosses get paid. I want excess profit to go to the government to help people who must have help, like handicapped people, sick people and old people. I do not wnt profit for me. Inwant profit for us. Do not be greedy. That leads to ugly behavior. I am talking to grown ups, not children who have not yet learned hovaluable humans are and have not yet developed a community conscience. Our capitalistic system is like anthree year old protecting all his toys and not sharing. I look for something kinder and more developed.
@@helengarrett6378 What I see is that you are thinking like a loser.
"Oh I just want a decent life and leisure :)".
I have a revelation for you, Life is NOT made for things to be decent, you only need to look at Nature or History for 5 mins and you notice that it is the extraordinary, powerful, big or efficient that spread, the rest is brutally eliminated either by the matter or by other living beings.
The ONLY reason you can afford those nice but deluded thoughts of "not wanting profit" is because you enjoy the sacrifices of those who came before you and had to toil for you, it's thanks to their profits, either in works or studies, that you can enjoy those kind dreams.
Life IS about Profit, that which does not grow DIES, and that which does not SACRIFICE something gets NOTHING. You will -never- have your kind world because everything is made to crush it.
Thank you so much for your unbiased, educational insight sir!
It’s would be amazing if Richard Wolf was part of Bernie’s Cabinet.
YES, PLEASE ‼️
What happened to the professor's forehead?
Nah fam, Bernie should be in President Wolff's cabinet.
Even that Trotskyist in disguise would realize that he has no solutions to offer but grievances and resentments.
Oh, yeah! I'd like to see the press conferences run by Louis Black. The cranky old guy administration.... Protests in Washington, Bernie gets out on the balcony of the White House and actually yells "Hey, you noisy kids, get off my lawn!". Oh, I can dream, can't I?
I don’t get tired of admiring and learning from this incredibly knowledgeable and bright man. Thank you!
Ele regaço mesmo com Direct em Estragam. Act Fact October Ects o From foi tomado de assalto. #
Thank you for your detail understanding on China. I learned a lot from you.
@Professor Wolff,
Excellent and brilliant presentation.
Thanks.
(Only wish those in power/charge could appreciate all that's covered in this speech/talk/enlightening by Prof. Wolff.)
They "appreciate" it quite well. That is why the plutocracy is just fine with the US government sliding into Neo-Fascism or any other form of greater repression of The People.
However, they see that a repressive government with control by a kleptocracy can gain them even greater wealth at the top than Chinese socialized capitalism would provide.
So, the "lesson" they've learned is that the worst of all worlds for The People can create the best of all worlds for them.
US plutocrats are backing re-creation of the totalitarian government of China, not its economic system.
If the citizens of the US become too poor to afford the output of their own labor, it doesn't matter to the kleptocracy. What is 360 million compared to the markets offered by the 2.5 billion people of China & India? We are expendable.
And they don't give a damn about the death of democracy.
There's been dwindling economic democracy for the American people for the past 40 years, anyway. And we've done nothing to defend ourselves. If the last vestiges of political democracy are taken from us, why would the plutocrats expect any resistance?
You work for 40yrs to have $1M in your
retirement, meanwhile some people are putting just $10K in a meme coin from just few months ago and now they are multimillionaires.....
You are right, to be a successful person in life require him or her of hard work and time
The thing about been successful is working toward it and not going the other way round
You are right. Been thinking of going into gold and cyptocurrency.
It's obvious everyone is doing this online Investment
@@ademusiaka7198 I totally agree with you it has been an eye-opening experience for a lot of people.
I like the intro. Good job! I loved hearing about the USSR and China without the BS about how evil they are reminds me of my collage classes.
Very intelligent analysis! Respect for Prof. Richard Wollf!
Don't you just love having your prejudices confirmed?
@@GlendaBlumenthal - Your infantile name says it all!
King of Crabs got em
WW2 killed how msny
@@GlendaBlumenthal - 🤣😂
Telling the truth is the beginning of the solution.
Prof. Wolfe is one of the best educators on you tube. Thank you for sharing your brilliant historian education you share with your viewers.
Way to go, Richard. This is really good. Thanks for your hard work. I will share this widely. You should be so much better known. Best wishes always!
Thank you so much for giving us such a wonderful information we could hardly get anywhere else, it was amazing and eye and ear opening.
Thank you, thank you, thank you!! So illuminating!! Brings tears to my eyes to think that I’ve lived this long without this clearly articulated information. What a boon to have stumbled upon this channel.
Aí ele disse eu o articulador pergunta na Empresa de Estragam se avia Direct lá bem antes.#
Exactly what I was talking about the whole time. China did not steal the technology the companies traded themselves for the privilege of having cheap labor and excess to huge market
Chinese learning everything
Thanks, Professor Wolff, for serving up yet another economic MEAT SANDWICH for the thoughtful citizen to consider.
The few of us that never fell for the media brainwashing LOVE YOU!
lived in China. I believe they've already passed us economically. In terms of purchasing power they already have. Our "GDP" is larger, but this number is largely tied to the cost of goods, which we as Americans massively overpay for. In China, rent, food, consumer goods, transportation, are still quite affordable. But the massive amount of investment in infrastructure, modern buildings, transportation (roads, subways/metros, high speed trains), housing (modern apartments) is unbelievable, and if you look at our crumbling cities, homeless encampments, military spending and general economic corruption, there is no comparison
How much money do the people outside of the cities have? There is a reason all of the sites you can find always have an asterisk on the middle class stating urban population only.
@@joebin3286 that's a good point. Rural communities are likely poorer. China has 1.3 billion people. However, transportation, infrastructure has had a wide ranging impact
@@davidschlessinger9945 I'm not saying things are not improving but to make them out to be close to America or that their growth is anything more than a poor country becoming strong economically off of the exploited labor of its people is being disingenuous.
@@joebin3286 wrong. Go there. Our country is looking pretty backwards
@@davidschlessinger9945 SO you believe that they are able to provide great working conditions and good salaries to the individuals working in their factories?
Thank you Dr. Wolff for helping us grow up and mind you. I'm 54. 😊
Every tinfoil hat conspiracy theorist needs to watch Richard Wolff as a "starter pack".
飛シャークWolffgang how is “conspiracy theory” related to this video?
Professor Wolf - Thank you for your passionate and logically presented background to how China has reached where it has. As always, you make the rear-view mirror of history point forwards to our present and future with clarity, for which I am grateful.
Thank you, sir. Rare to hear a balanced take on these things. Depressingly rare.
Another great update. Thank you DaW.
This analysis is quite rational with in-depth analysis. Almost 100% agreed with the key ideas and messages.
I agree. I wonder why Jordan Peterson does not get it.
The best economic and governance update. Very clear contrast between capitalism, communism and socialism.
Finally, someone from the west that knows a thing or two about china. I m a Chinese immigrant.
Professor Wolff truly understand Chinese history, current economic system, and its people's mind. What he shared here are well aligned with what I have learned from my education and the feeling as a Chinese when I was in my country. I was not a fan of the CCP while I was in China, but my mind has gradually changed last few years here in the US, since I have seen what the Chinese government has done to the Chinese, as well as the government of the United States to its people.
An excellent and unbiased overview which Trump and the current law makers of the US should learn and be enlightened on the reality of events that is the true way in making a nation great. It is certainly not the "Make America Great" as per the doctrine of Trump.
Hi Professor Wolff, I always enjoy your talks and have been your follower for a few years. I enjoyed your update on China's Economic Development and Strategy, and I want to comment on the subject based on some of my personal background and experience of China. I was born and raised in Hong Kong during 1950s and 60s when China hit bottom both economically and culturally (big leap forward, and cultural-revolution). I was fortunate to be able to come and be educated in the states and lived here for 12 years before going back to Asia to involve in global trading for 30 years before retiring back to US. In my last 10 years in Asia, I worked for a Carolina-based US manufacturing company as it's country manager, 7 of which was in China working out of Shanghai and Qingdao--1910 to t0 1917- the period when China experienced the most enormous economic growth, whereas the manufacturing industries in US was in rapid decline, when globalization of business was in full swing,
The matter of fact is globalization of businesses and industries benefit all countries involved, the differences are who within those countries benefiting from it, In the case of China, where the gov. had decided at its onset that it would use globalized manufacturing as its explicit national goal to enrich the country and its people, lifting them from from abject poverty as its ultimate objective. As a result, China has managed to redistribute the wealth it made from opening its economic to the west (especially USA) to benefit the entire nation. As an example:
1. During the period when I was there (and many years before from record). the company I worked for had given 8 to 12% of annually salary-raise to all its employees in China. This is not a government regulation but a simple fact of life-a company cannot hire good workers if thy do not give those compensation. What was the average salary raise in that period in US., we were lucky to get 2 to 3 % a years.
2. As a communist-urn-socialistic country, China promised everyone of it citizen would be taken care for life- it was a promise note more than anything , as there was no monetary reserve kept for such purpose. As a result, when China transforms its economy to private enterprise structure, it has to prepare for such financial social commitment and obligation! To this end, any private company operating in China with a working staff has to pay a huge social insurance premiums (equivalent to social security in US). The US company I worked for in Shanghai had contributed 42% take-home social insurance to our employee's account, while the employees contributed 18% (The social insurance is managed by the provinces instead of the central gov., as a result, most migrant workers from other provinces may not want to contribute as they would not benefit from the social insurances when they stop working in those provinces the y are working for now.. And, there are many classifications of cities, counties and townships within an provinces, and the costs of social insurances are different. But my guess is Shanghai and Beiging, Zinzheng and Gaungzhou command the highest premiums as they are the biggest cities.)
3. Chinese government also trickles down huge amount of earnings it has made from exporting manufacturing goods in the form and shape of shape of infrastructure, especially in high-speed railways, highways and even city roads. The transportation infrastructures so created have connected cities of various sizes in so many ways and speed so far unimaginable- which may account for the neck-breaking pace of China's economic growth in the last 2 decades.
On the other hand, what have our country used the monies we have made in the last 3 decades of globalizing our businesses and industries for public goods and benefits. The answer is "nothing". Our political and economic systems simply do not allow any meaningful redistribution of wealth we have made by globalization, but accumulating them to the benefits of a handful who use them to leverage for more wealth and power-resulting in hundreds and thousands more billionaires, or modern plutocrats as you may. Just imagine, if our political system would allow us to tax those millionaires and billionaires at the same average rate as our common fellow citizen, and use the resulting revenues to educate a new generation of US workforce, and to rebuild our new infrastructure in the face of new and bigger challenges such as climate change and increasing homelessness etc. our country would be a much better place!
oligar1. During the period when I was there (and many years before from record). the company I worked for had given 8 to 12% of annually salary-raise to all its employees in China. This is not a government regulation but a simple fact of life-a company cannot hire good workers if thy do not give those compensation. What was the average salary raise in that period in US., we were lucky to get 2 to 3 % a years.
2. As a communist-urn-socialistic country, China promised everyone of it citizen would be taken care for life.
Thank you, Richard, for this lecture which I watched with great interest. Your understanding of China (civilisation, history, people and current ruling government) is very impressive for this humble Chinese viewer. In addition, you shown an incredible insight into America and Russia political systems, all of which makes this video one of the best I have seen so far. Look forward to more of your analyses on Democracy @ Work.
Congratulations! 102K subscribed! Well done and good insight!
I like your program, Richard. You explained concepts in an easy way.
Prof. Wolff, you are absolutely corrected about the wages and good and bad of things to avoid in China.
A great presentation , I have visited China on 6 occasions , I found the Chinese happy and productive
@Brian Rotation when i go to the states, the general mood is pessimism and borderline panic. You owe your mind a trip to China
That's great, but there are certainly a lot of terribly poor and desperate people in China as well. The bureaucracy is insane, among other things.
@@MrZombieEater The majority of the poor people in China live in the rural areas, so altough they are poor, they at least are able to grow their own food, unlike most poor here in the US, that live on the city center and have no acess to food but junk food. Also, China has not even close the amount of crime as the US has, and believe it or not, the US, despite having a about 4-5 times less population, it has bigger absolute number of incarcerated people.
Versetti go no further than good old USA to witness your description
You won't see this kind of analysis anywhere else. Thank you Professor ！
Thank you! Your presentation is always concise and unbiased. And talk smoothly.
Where has this been my all my life?
Dr. Wolff, you have a good historical perspective! This helps to understand how China moves in today's world!
Amazing speech! Thank-you!
So glad I found this channel
Prof. Huang UA-cam said 97% of Chinese residents owned their residence property in city. Other UA-cam from Ting said China lift 850 millions people from extremely poverty. The extreme poverty income is twice of the international average income that they have water and electricity. Also saw a video. Oh China built these railroad hardly running. But I also saw video that people from village grew their crops and sell their vegetables, eggs in the city by taking the railroads. Railroad may not run as frequency as commuters railway. These village people are pretty happy and talking to each other villagers in the train that they make hundred of yuan daily. I am happy to see their hard work and make their living.
Fair, and with historical depth. I hope your view angle will be more widely understood in order to make our world a better place.
"Real wages today is actually slightly lower than it was in 1973." Yes, after talking to some retired people I believe this is a very accurate statement.
thank you for your historical review
Wonderful analysis and information,I have been following you almost since a decade. Thank you bery much
Thank you, Prof. Wolff, for this educational video. It is the best video I've seen so far concerning the rise of China.
This is the best summary I have ever listened and watched in the western world. I can’t believe Prof Wolff did it in just 30 minutes! Amazingly, the content presented is the real facts, real history, real conditions happened in China. That’s my best 30 min learning China in English! Thank you so much, Prof. Wolff!
I love the way professor Explains Even complecated Concepts.....
Wish I had a live lecture from you Sir...... 😍 Democracy at Work..... Thank you.....😍😍😍😍😍😍
This was fascinating. I remember that several decades ago, we still talked about massive hunger in China. No one has mentioned hunger since: It doesn't exist, and that, all by itself, is a wonder to behold. I did not know how the transition from a purely Socialist model to a mixed economy took place, I now understand it and am grateful to Richard Wolff for his clear, factual, and informative explanations.
Thanks professor Richard Wolff.you are one of rare westerner telling the true story.I tally agree with you.let 's the time will tell.so the main stream of western media they will realise that.on good thing they can run state own enterprises suscessfully.this is my respect.
LOVE RICHARD WOLF WHO SPEAKS FROM HIS BEAUTIFUL HEART
It is a great episode. Thank you Doc!
The first half of the professor's lecture is content of the economics in politics class from high school to college，and the second half is the content of the history content from junior high school to college. The content is the same, but the depth is different in different period class.Thanks for sharing the truth！
Thank you for the information. I had a general sense that this was the case, but you have filled in the blanks and confirmed what I basically always knew. 👍
Mr. Gorbachev you just tore down our ignorance with truth and fact!!!! Thank you!
I'm madder than hell about being forced to be a part of the inherently corrupt system of capitalism, especially when I can't afford a GD thing in it . . . even though I'm a good person.
Excellent as always!
Just another clue for you: 1980s, leader Deng Xiao Ping, “Chief architect of the reforming and opening-up”, planed to build China into a “moderately developed country” in 70 years. 40 years passed, the plan is still going well. What kind of parties can make a plan and work on it insistently for 7 decades? Not the kind can rule only 4 years.
how many millions died under lMao again?
A really good, informative and illuminating lecture! Simple and straightforward explanations in a simple and straightforward language! Congratulations!
More e Justo 🤗🤳🗺️
I thank you for this channel i learned so much from you
2 other key elements: 1. Education 2. Hard working ppl
I dream of such profesor for my granddaughter .
This is BY FAR the best summary of the Chinese success story. Dr. Wolff is a national treasure.
This was very much appreciated Dr. Wolff. Filled in some details about what I had only heard about in general.
One thing that has really impressed me about the Chinese is that they have been willing to admit it when they make mistakes and correct themselves. For example in regards to the Environmental Crises in their country. Most Americans in marked contrast are the exact opposite. I think this is a major reason why China is destined to be the worlds dominant nation while the United States is destined for eventual 3rd world status.
Thank you Dr WOLF Our world today needs more Experts like you .Well done and GOD ALMIGHTY RICHLY BLESS YOU IMMENSELY AMEN AND AMEN......
But but but... Venezuela...
Funny how their idea of "socialism" is a country with over 3/4 of its economy being private business. Which is in-line with most other European countries.
Its also funny how their criticisms always leave out the artificial deflation of oil prices orchestrated by the Saudis and Americans to try crush the Iranian and Russian economies. Or how about the economic warfare via sanctions which have been described as siege warfare, or the coup and assassination attempts.
Its like breaking the arms and legs of a person, then complaining how they cannot work to support themselves. I wonder if they can see the irony in that.
To be honest I do not care if those countries succeed. My issue with Socialism is the fact that you are giving a corrupt government which they all are to much power over their people. that never turns out good for the little man. In today's society even though they want you to think otherwise you can make yourself into just about anything you want to be. It is sad that America has turned into a bunch of people that want the government to step in and take care of their issues.
Well, not exactly) The Saudis lowered the price of oil to kill shale oil in the United States.
Sanctions for Russia as a whole bring not only a negative effect, but also a positive one.
Well, for example, oligarchs close to Putin can no longer withdraw their funds to Western offshore companies so freely. Of course, the risk of an oligarchic coup is created (just what the US wants)
The ban on the sale of certain types of goods creates a need for building the production of such goods in Russia.
@@romanyarkov8426
No, the concept was cooked up primarily to kill external competition from Iran and Russia. There are competing pipelines from Iran and Russia that are a far greater threat to thr Saudis than from frakking. Besides shale oil runs at a loss unless its selling at $100 a barrel.
The oligarchs in Russia, created after the fall of the Soviet union, are in direct contradiction with Putin and have been for a long time. Putin has been fighting them because they are moving enormous amounts of wealth outside the country to avoid paying taxes. Where do you think the Magnitsky act came from, a former Russian billionaire who tried to avoid taxes in Bill Browder.
So your analysis is full of half-truths.
@@obione69 Well, this is also not entirely true) The oligarchs, who are close to Putin, still withdraw money to foreign offshore companies. In any case, the sanctions bring certain benefits. In our third world countries, you can easily steal from the country if you are loyal to the west. And then run away to the west or to some paradise island, with lots of money. You will be allowed to do this if you are loyal to the west.
@@obione69 And Bill Browder and Khodorkovsky are fraudsters. Khodorkovsky (YUKOS) sold oil as a “liquid” without paying taxes), but Western propaganda made him a hero who opposes a terrible Putin)
There are a few things that may be interesting
1) Soviet industrialization from 1920's depends much from Germany's help . Germany was isolated by the West too.
2) Initially ,Mao wanted to get close to US , but was rejected by US. Thus Mao turned to Soviet Union
3) State owned enterprise was the in thing in the world in 1950's and 1960's. China state owned enterprises saved China from total chaos in the 1950's to 70's.
John Pilger's recent documentary, "The Coming War on China" has a section where the economy of China is quite succinctly and accurately described, by a Chinese source. He basically says that China, under the NEP, has created a consumer market on par with that in the United States, and this has all been a result of China's move to invite in foreign capital (after their meeting with Milton Friedman in 1987) but they kept the influx of capital rigidly controlled ... and as the speaker says - the only difference between the US and China lies in the fact that in China, there is 1 monolithic party which can not be bought or controlled by Capital. The CCP makes all of the economic decisions in China and Capital can not buy it off, whereas, in the United States, we have 2 dominant bourgeois parties that are completely controlled by Capital.
Big G Haywood I'm not sure if 1 party is less likely to be bought off by capital than 2 or if the CCP is as impervious to the corruption of capital as you claim. After all, they have quite a few billionaires in high up ranks.
In the US we have one party with 2 flavors... take your pick. The wealth of The People is funneled upward in either case. We live in a one-party totalitarian corporatocratic state, quickly sliding into Neo-Fascism since Neo-liberalism has reached its limits... all increasingly driven by the interests & $$$ power of a kkkleptocracy.
@@julieannmyers8714 You are correct, it's really one party ... the bourgeois "Money Party." If we're honest about US History and the development of the United States's government structure and its economy, then we'll recognize that our government was devised, since its inception, to be a government of the bourgeoisie. They have to give our people the illusion of choice and that is easily handled through 2 rigidly-controlled parties. I would say that Neoliberalism (the economic ideology of Ayn Rand and Milton Friedman ... basically the Von Mises school) has always been thinly-veiled Fascism. And since its contradictions are becoming more and more difficult to mask over, our system is beginning to overtly recognize its Fascist nature.
@@ohmandamp Well, the fact that there are billionaires in China is just the natural trend of private enterprise, but I think the fact that the CCP runs things in China was made very clear to foreign capital before they were invited in.
@@itzenormous it seems to me that Thatcher-Reagan Neo-liberalism is inevitably drawn toward some form of totalitarianism. It's capitalism, after all.
As political ideology, Libertarianism is most closely aligned with the economics of Hayek-von Mises, Friedman-Greenspan. It seems to me that, just as Neo-liberalism has hit its limits, Libertarianism has also peaked & hit a saturation point.
The kkkleptocracy is driving the narrative toward Neo-Fascism because it can achieved a level of intensity of control of which Libertarianism is incapable.
The best article I've found explaining to me how there can be affinity between Libertarianism & Neo-Fascism -- because it baffled me -- is this one:
aeon.co/essays/the-macho-violent-culture-of-italian-fascism-was-prophetic
I still find it curious that the third leg of the GOP troika: Theocratic Christian Nationalism, is tolerable to Libertarians... perhaps US Libertarians never really were Libertarians? Their commitment is to something deeper & darker within it?
Was "libertarian" always just a coded signal for "fascist" before Hitler became fashionable again?
The original "cheap manufacturer" was Japan. I can remember as a youth seeing "made in Japan" , printed in just about everything. It's funny how we've all forgotten about this.
A nice summary. I think it's also really important to get away from capitalism vs socialism. Capitalism or markets from the view of the CCP does not run contrary to socialism. Capitalism is a historical economic stage described by Marx. Just as feudalism is the birth giver of capitalism the Chinese Communist Party believe capitalism is the mid wife of socialism.
Socialism then for the Chinese is something to be built (using capital). However, they believe future historical epochs can only be successful if they produce a means of production and technological base far more advanced than capitalism.
Thank you professor Wolff. I enjoy all the speeches I have listened so far. I will search for your previous speech about the USSR.
Capitalism is better than socialism in the economic world, period. The PRC's amazing economic development is because they have learned a lesson from USSR and capsuled its core economic strategy by capitalism. In other words, these Chinese folks creatively separated economic and political systems to make both socialism and capitalism work together like no other country on this planet. It somehow makes this country to enjoy more benefits from both systems, but avoid some of the weaknesses by having this "mixed" system.
At the western side, EU and some states of America have an uprising voice for socialism, which may create a mixed system as well. Any pure capitalism or socialism is completely out of date to have 100% dead end ahead.
As a chinese I totally agree with your point
You're right partially. However, I must note the fact the Chinese model applies both socialism and capitalism on all its economy, core or not. Take for example, it requires socialist determination to build a High Speed Rail Network because it is expensive, the payback is long term and lots of people opposes it. But at the same time, the rails are operated like any capitalist project, and it makes money!! The other example is the cell phone network where over 90% China are connected, down to the last household in the middle of a mountain forest. China is a huge interplay of communism, socialism and capitalism.
@@klu7499 Hi. I do not exactly understand what do you mean by saying "applies both socialism and capitalism on all its economy" but i could correct some data on your example that chinese high-speed railway business is not in "profit" there are only a few lines could generate net profit but most of the lines are tie or losing money. for example, lines to xinjing or gansu. you can't really get accountant numbers on these lines as chinese gov doesn't want it to be exposed, but only seeing profitable lines like beijing-shanghai. chinese rail-way has separated as an independent company with hundreds of billions debate (in USD), which was lent by the national owned bank. it will take hundreds years to pay the loan back. no capitalism will allow this, as it will lead to "bankruptcy" immediately.
the reason why it doesn't go bankrupt and keep expanding is that there is a national will on this, usually can be found at socialism, as it believes it will benefit social (people), and this money is actually owned by people. plus, it will push GDP to a lot and create many jobs at the domestic market. however, the interesting, or unique thing is, chinese still employed its socialism core by capitalism cloth. you see they separated rail-way or telecom as a real entity, which is entitled to any loan, auditing, risk control, and even better position to hire external intelligence, like employees and contractors etcs...
this is hard to see at other countries, even there are, they are more strictly ruled by parliament, which we consider chinese gov or CCP doesn't have any.
One of very few smart American economic analyst I have come across who speaks the truth. Well done Dr Wolf.
Great video. I seldom see such a rational western video about China. Most of the videos are kinda propaganda against China.
A clear and factual explanation. 👍👍👍
There is more to the story of how China became a communist-dominated nation. The initial effort to unify the Chinese and liberate them from foreign domination was undertaken under the leadership of Sun Yat Sen. Sun tried to implement an economic program based on principles he learned reading Henry George. He faced deep opposition from China's landed elite, and his revolution ultimately failed. An address he delivered in 1912 was published in a NY newspaper. It offers some insight into his hope for China:
www.cooperative-individualism.org/yat-sen-sun_china's-next-step-1912-sep.pdf
Amazing in-depth analysis of the Chinese economy and it’s meteoric rise and the challenges it poses to America’s economic and geopolitical hegemony.
very objective and unbiased inforrmation you have presented in thi video. People need to see the real thing to be able yo make correct judgement, this is not the case when it come to China. You are absolutely helping !
I understand exactly what you're saying...and unlike most other countries China skipped the industrial revolution and went straight to technology
Great subject...you are always welcome in my wellness . It's too bad that most Americans don't know anything about the true America.
wow， this by far the most thorough and comprehensive analysis of the subject I've seen
Professor Wolff, the Civil War did not start in 1945. The Communists were fighting against Chang Kai Cheks' Kuomintang since the early 1930, and the Red Army really had to fight a Two Front War, against the Japanese and the Kuomintang Nationalists. the American General Stillwell reported that the Communists were a better partner in the Fight against Japan, and that in many cases the Nationalists were teaming up with the Japanese against the Communists (Stillwell was go through some hard times during the McCarthey Era. ). But, Professor Wolff, you must have heard about the LONG MARCH. It is sort of the Foundational Story of Chinese Communism. It seems that that the Kuomintang surprised them with Night Arrests and Massacres, but that many Communists escaped and did their Long March to the West to reach safety and to organize their retaliation and revenge. I can't believe you don't know about The Long March. Maybe between writing books you can take some time to read one.
Very informative, thank you professor!