This distinguished gentleman deserves all the respect a man can get. His acute observation, knowledge and vast insights are outstanding. Facts. Pure unfiltered facts that we all will never encounter on any mainstream Western media. Salute you Sir!🫡
This talk was 100% spot on. The anti Chinese rhetoric that is stuffed in our faces everyday, from the media, is something that appals me. I myself have lived in China for many years and understand the way at which they go about their lives, and that is why I enjoyed this talk so much. Thank you.
As a foreigner who lived through the entire duration of zero covid for the past 3 years in China, this is by far the most objective commentary I’ve seen on RUclips to date. Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said Tuesday that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy now or put on a watchlist
Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.
A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.
Very true, a huge part of my portfolio growth has come during this bear market. I've been able to scale from $180K to $572K in a short period of time. I basically was just following the steps and guideline from my financial advisor. as long as you've professional help, you're good to go
@@martingiavarini Well i won't say i have...Her name is ‘Catherine Morrison Evans’ can't divulge much. Most likely, the internet should have her basic info, you can research if you like
It's not only China like most westerners praying. The whole East Asia has emerging back very fast in the last three decades. I lived in Europe around mid 80 to 90, now in Asia. It's noticeable that people's quality of life is jumping up. Like Kishore Mahbubani always said America's main problem it that it had turned into a plutocracy.
This guy really knows what he's talking about. The problem with US type of Capitalism is that they depend too much on the private sector, which is almost all "for profit". State owned businesses aren't always "for profit", some times they exist just to serve the people. Now I can see why medical fees and college tuitions are so much cheaper in China than the US.
The scary thing is this is the first empire to collapse with a massive nuclear arsenal, and the neocons in charge seem to have watched way to many James Bond and Mission Impossible movies and fancy themselves as invincible.
on the contrary, it hasn't collapsed yet, and the first was the ussr. russia by itself is certainly still a player on the world stage, but putin has not yet felt it necessary to use nuclear weapons.. he may have to. can't afford to lose. usa is better placed. they just fight for greed. so they have 'lost' in several places, without seeing the use of mushroom clouds.
US had commissioned a study of feasibility of first strike a few years back, if not mistaken, by Georgetown University. there are less than a handful of countries could survive the first strike. US won't dare to fu*k with either Russia, or China. there is no defense against hypersonic missiles.
Those movies were funded by CIA to brainwash its subject for propaganda purposes; so they can both justify all the evil deeds they carry out and at the same, recruit such useful idiot sheep thinking they are some kind of national hero to do the require evil deeds around the world & even domestically (most likely in the form of drills that went live suddenly without telling the testers). The neocons are merely useful idiots who think they are elites working for the financiers behind the scene who they probably have never met.
Wow, everything said is so true, every educated person should listen to this lecture by Professor Wolff with an open mind., especially the politicians in Washington! Thank you so much Professor Wolff. God bless you. I am really concerned about the divisions in this country right now.
I am an uneducated person listening to prof. Wolff and I understand what he is saying. I don't understand why you say "every educated person" instead of everyone should listen.
@@michelestidhamwhitmore8313 I was going to say the same thing; why only educated people should listen? Do you think lesser educated folks are "stupid" and would not understand? That's discrimination.
Hi, everyone! I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
The line where the professor so eloquently stated that the rich people pay less in education than the working class people is so True, and not only in Education they pay less in every type of loan, Business Loans, Car loans mortgages everything…… The working class people are taken advantage economically while at the same time they are pitted against each other.
I worked in a nightclub and rich celebrities got in free and were showered with free drinks. If regular people saw stars, they would of course tell their friends and attracting more business. I then realized that super rich celebrities live in a communist utopia.
Wow This is an 1 hour long analysis and I told myself…what’s…already done. I believe I could listen to Prof all day without getting bored. To understand Prof analysis here, like he said one should not pay attention to the political system but rather see what happened in the two systems. Thank you Professor
Hi, everyone! I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
Very true and so clear . Are ours leaders could take few min and lessening forgetting awhile theirs stupid and inhuman approach as humanity and sentiments are the foundation of the people they represent most of leaders become imposters as they actions doesn't not match the duty of the position they occupied .r The problem is that it's the people who pay for their wrong doing or for their incapability.
Unfortunately the arrogance of our leaders never allows them to learn from a successful example. What is it that arrogance demands in that situation? Double down! Should be the US's middle name. We the people of this united states and the world at large's most dire problem is THE LEADERS OF THIS COUNTRY.
I have to agree! They are really very observant, and they try to learn from other people’s mistake, and that is very important , since we all will never know everything , and have to learn from each other. The day we think we are above learning, from others, is the day we fail..
Just look at the Chinese space program. Every single mission has been a success. They were excluded from the International Space Station, so built their own. They now dominate so many sectors of technology that they will be setting standards soon enough.
I just want to say in general: Thank you Prof. Wolff, it is a pleasure to listen to your thoughts and knowledge. Please continue in doing that work. It is necessary, that people like you are explaining their expertise. You don't have to, but that you do that, I am very thankful. 👍👍👍👍👍
FYI China's State-run colleges and universities' anual truition fee is 3000 RMB per semester, which is USD 430 at the current exhange rate; and dormitry cost USD200-250 per student per semester.
This is the best and most comprehensive lecture I have heard from the professor on this subject it’s like a parent trying to talk their grown up child he sees the patterns there that most people refuse to believe the writing on the wall
I shared with a comrade and he raised some a few minor quibbles, but also he did appreciate that Dr. Wolff basically said, “given all their success, are you as an American leftist seriously going to tell the Chinese they should change their system?” My comrade thinks you made a very neutral framing of the rise of China that didn’t make any commentary on the many global benefits of the rise like climate action, displacement of US imperial power, and third world industrialization. My comrade is not certain calling China an empire is fair, given China’s far more equitable treatment of smaller partner states. For example: no military interventions and more generous loan agreements; loan agreements that are sometimes forgiven and don’t require social austerity clauses, etc. These are serious distinctions between Chinese and US international economic policy, even if China has increasingly empire-like economic leverage potential. My comrade feels you mischaracterize Chinese cooperatives. Instead of celebrating more than 10% of the economy being worker cooperatives, you call for coops to cover the whole economy. My comrade is pretty sure that China has the most cooperative worker-owners of any other nation. If true, we don’t think it’s an insignificant or neglected sector of their economy. You also talked through a wide range of ratios for what the CPC originally envisioned for state vs. private enterprises, and my comrade said you vastly overestimated the amount of private enterprises that have ever existed in the PRC. We don’t know how he was measuring, but my comrade thinks the state sector still owns more than 80% of assets in their economy. My comrade isn’t a fan of the term “state capitalism,” since capitalism inherently means private ownership of the means of production, not democratic state control on behalf of the public trust. You also could have mentioned the McKinsey study last year that found China’s GDP was actually already 30% larger than the US’s…
Looking carefully at the Character of the US government and culture and the Character of China and its culture.,, as they both exist today.. There is no doubt or question in my mind China has it... China is the one I would like to see survive and become Humanity's Main Government system.
@@avainvestmentanalytics sorry you don't have the IQ to understand his broader overview thinking of economics. Two simple and very clear examples: 1. US (capitalist): a deteriorating society, aging infrastructure, homelessness, dangerous dirty cities, poor education system, crime, violence, drugs, murders, poverty, unaffordable living, debt ridden, a populace in angst and worry, unsafe and hostile society, buried in "capitalist" debt, a government that is owned and controlled by the rich and their interests at the expense of the public. 2. CHINA (socialist): a civilized society, modern state of the art infrastructure, safe clean cities, good education system, low crime, low violence, low drugs, affordable living, manageable debt (smart investments:BRI, infrastructure, education, business/enterprises), a government that places its interests in its people, society and country. Providing safe, functional, cities that offer opportunities for people. PS: you should read the comments you'd find you're in the very small minority with your opinion
@@jvs333 I don't have the IQ huh? I have a Masters degree from UPenn in chemistry. You might want to investigate my research track record before making ridiculous statements. The fact is I am one of the very best analysts in the world today. Not only did I predict the details of the 2008 financial crisis with more accuracy than anyone, I also recommended Chinese equities 20 years ago. But I recognized when China was in trouble several years ago. China has seen its best days for various reasons. If you're a serious investor or scholar, you would benefit from my 5-hour webinar on China. As far as your rants, as a world-class analyst I don't engage in debates with novices in the fields. Ask your cult leader Wolff to debate me live on these issues on a neutral platform. He won't do it once he realizes who he's dealing with because he knows he can only fool the YT audience which is quite ignorant.
The truly terrifying things is what happens when the hegemony of the "richest and most powerful nation that ever was" is threatened by ANYONE? Considering America's arrogant belligerence on the World stage for all of my 73 years of life, I am guessing it won't be good.
back then, Sun Never Sets British Empire was also "richest and most powerful nation that ever was" at that time but she caved in eventually like major conflict brits vs the US as in American Revolutionary War, major conflict between Chinese and the US also happened already in Korean peninsula and Vietnam event similar to White House Burning is happening in Taiwan island right now so according to history, I don't think anything major would occur after the Taiwan issue all settling down
Paraphrasing here: Back in 1928, Leon Trotsky noted that when the USA enters its inevitable period of crisis, it will be ruthless in attempting to maintain its hegemony by any means necessary and against any nation, which will engender convulsions across the planet that will threaten our very existence. This assessment is based on the size of the US economy. The recently deceased Prof Zbigniew Brezenski's "The Grand Chessboard" (the skunk that gave us the Mujahadeen) is the blueprint for the invasion of the Middle East and cites the invasion and control of Afghanistan and Ukraine as imperatives in the quest to control the regions vast resources. Just before he died, he said the lack of sufficient boots on the ground in the invasion's initial phase compromised the mission from the start that is now unwinnable. While the British ceded hegemony to the US without conflict, the US has no intention of doing the same and is in no position to do so. It's not 1947 when capitalist expansion was still possible, and the resources were available. Its 1939 and a world of economic crisis, tariffs, growing instability and hostility between competing nation states, and the complete breakdown of the post-war mechanisms meant to avoid the conditions developing that set off both global conflicts. Ukraine and its people are sacrificed fighting a proxy war as the US plans to break up the Russian Federation and take control of its resources. To believe they will stop there would be a grave mistake; they have China firmly in their sites. Once again, and for the last time the question is posed; Socialism or barbarism?
>1928....when the USA enters its inevitable period of crisis, Early Christians waited in forest clearings for the 2nd Comning. Very sadly, they are still waiting.
I agreed that Leon Trotsky was the true ideological successor of Lenin, and Stalin was the root of the socialism decline. Soviet Union was the 1st attempt and failed ultimately because the course had been altered by Stalin.
@@TeaParty1776 Except for it did...ever heard of the great depression? lol... History time if what Normalized Insanity here is saying is flying over your head: The US is the global hegemon and has positioned itself as the "consumer of last resort" at the end of the global supply chain (which we enforce/coerce militarily/financially) to absorb inevitable overproduction of capitalism (which causes the hundreds of "panics" throughout the 19th and early 20th century - in their time often known as the "great depression" until the one from 1929 onward was recorded permanently) through cheap consumption or of course through our favorite activity of war and arms sales (military Keynesianism, the only button we can push at this point clearly). We accomplish this through the Bretton-Woods international financial system, leveraged by the US post-WWII by being the only industrialized nation-state _not_ bombed to shit and effectively taking the imperial baton from the British and their pound sterling, cementing the dollar as the "global reserve currency" and through the IMF/World Bank and its post-71 (Nixon shock) -debt peonage/resource/labor control austerity policy- "structural adjustment" programs lend capital in dollar loans under the stipulation of absolute control of labor/markets/resources by US capital, "an offer they can't refuse" - any nation-states refusing to bend the knee like Cuba (see: Operation Mongoose, Northwoods, etc), Venezuela (sitting on the largest oil reserve in the world, what a coincidence), Iran (which we couped in '53 installing the Shah to prevent oil nationalization, shocker, Operation AJAX), et al. of course gets unilaterally sanctioned and excluded from the global trade network run at our behest at the minimum, but also perpetually coup-ed by the CIA or just overtly invaded, tracking the CIA's "regime change" operational history will reveal this grotesque rise of empire akin to the optimates of the late Roman empire but with guns and nukes. Red scare(s)/Taft-Hartley have hollowed out the heart and soul of labor power in the US provided by the New Deal and as a result, much like your populares movement of the Gracchi bros and later Caesar being crushed by that Roman oligarchy for crossing the actual rubicon of debt cancellation and land redistribution, much like the rhetorical adoption of Christianity to quell the ideological alignment _against_ the Roman occupation that Jesus brought about leading to its eventual _ACTUAL_ dissolution, you have an empire desperately lashing out to maintain its gradually waning influence. This is how capitalism "works". Cui Bono? Who benefits? Reminded of Michael Parenti, an excerpt from his piece Mystery: How Wealth Creates Poverty: _In their perpetual confusion, some liberal critics conclude that foreign aid and IMF and World Bank structural adjustments “do not work”; the end result is less self-sufficiency and more poverty for the recipient nations, they point out. Why then do the rich member states continue to fund the IMF and World Bank? Are their leaders just less intelligent than the critics who keep pointing out to them that their policies are having the opposite effect?_ _No, it is the critics who are stupid not the western leaders and investors who own so much of the world and enjoy such immense wealth and success. They pursue their aid and foreign loan programs because such programs do work. The question is, work for whom? Cui bono?_ _The purpose behind their investments, loans, and aid programs is not to uplift the masses in other countries. That is certainly not the business they are in. The purpose is to serve the interests of global capital accumulation, to take over the lands and local economies of Third World peoples, monopolize their markets, depress their wages, indenture their labor with enormous debts, privatize their public service sector, and prevent these nations from emerging as trade competitors by not allowing them a normal development._ _In these respects, investments, foreign loans, and structural adjustments work very well indeed._ _The real mystery is: why do some people find such an analysis to be so improbable, a “conspiratorial” imagining? Why are they skeptical that U.S. rulers knowingly and deliberately pursue such ruthless policies (suppress wages, rollback environmental protections, eliminate the public sector, cut human services) in the Third World? These rulers are pursuing much the same policies right here in our own country!_ _Isn’t it time that liberal critics stop thinking that the people who own so much of the world---and want to own it all---are “incompetent” or “misguided” or “failing to see the unintended consequences of their policies”? You are not being very smart when you think your enemies are not as smart as you. They know where their interests lie, and so should we._ It's no coincidence that our bipartisan blackhole "defense" budget passes with ease to implicitly/explicitly enforce this now global financial "order" through the 1,000+ military bases worldwide and toward the perpetual benefit of US corporate/finance capital at the zero-sum cost of the working class (not to mention the planet that we're consciously destroying at this point...), meanwhile a modest domestic spending bill or god forbid even the most basic of healthcare for the people that actually make this world produce any sort of life worth living is callously thrown at the wayside. The empire feeds off the republic, hollowing out all social meaning and trust to be sold for profit and leading to an ouroboros of resentment and a headlong thanatos embrace toward the "common ruin of the contending classes." To echo Rosa Luxemburg from 1918 Germany as Normalized insanity here invoked, before of course being executed by the freikorps paramilitary (later becoming the SS, shocker) at the behest of Ebert's ostensibly _social democratic_ SPD party (the party itself split with the international socialists over the decision of war credits for WWI; ain't no war but the class war), almost immediately resonating the truth of such a succinct political dichotomy to this day; juxtaposing that specter haunting the modern world with its only alternative: *_Socialism or_* [continued] *_barbarism._*
@@alanOHALAN You gotta wonder though, what happens then with WWII? The USSR sacrificing 27 million to halt nazi Germany's advance. Not disagreeing necessarily, but I think it's a bit more complicated. No doubt Stalin wasn't a "good" guy of course, but as Prof.Wolff gets at in the beginning here I'm not trying to dictate history through a normative lens with this minor skeptical contention, merely a material one, the "is" and not the "ought" as Hume would put it. Obviously such a counterfactual makes it impossible to say, but uhh well I guess that's my point lol, who knows. But yes, you are def correct in that Lenin did _not_ want Stalin to take over citing his quenching for power as the reason why which no doubt was a huge and tainting part of his dominion. _"Men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances, but under circumstances existing already, given and transmitted from the past. The tradition of all dead generations weighs like a nightmare on the brains of the living."_ - some guy
@@alanOHALAN If you haven't heard it already, I found this a humorous look into Stalin's life and his paranoiac (justifiably in some narrow cases, though to an enormous fault however obviously) dictatorship from a historical materialist perspective (and the book Young Stalin by Simon Sebag if I recall): ruclips.net/video/qs_viRxyzPA/видео.html
I don't know which is more astonishing, the logic and significance of the information Professor Wolff shares here, or the profound ignorance most people have about these momentous events that we are witnessing in our lifetime.
You're going to witness World War 3. The United States will absolutely not no matter what except second to China that's not an option. You will get the most horrible apocalyptic outcome you could ever fathom.
Because you folks have left in dark. One word was taught to you 🤣😅 USA ,USA , USA. While you guys are chanting this the Imperialism was stealing from you and getting richer every passing minute.
If people are ignorant of some momentous events, then those people would not be witnessing it. Or should it be so understood as that "most people" are not witnessing what "we" are witnessing, which then poses a question: Who is this "we" as referred to?
I would like to listen professor Richrd wollf lecture because prof.speaks very loudly, clearly, and truly about the amid situations. Thank you sir i appreciate a lot.
Thank you, professor, for explaining a very complicated economic systems of America and that of the PEOPLES Republic of China and that you have given us the American citizens and our political ELITES a kind and a Very prudent recipe to examine for the sake of WORLD PEACE! I SALUTE YOU AND THANK YOU AGAIN FROM THE BOTTOM OF MY HEART!
i am so glad that the PROFESSOR conclude that China is a mixed capitalist system, not a communist system. crazies from both extremes on china take note.
The most comprehensive explanation on such difficult subject..! Thank you Sir for making it so simple and very easy to understand it. I go back and forward many times through out the video to digest all the details... and I really appreciate the effort you're putting on these educational videos which are the best for us out here to learn about our country and the world!! Thank you!!
Thank you so much for your deep insight into capitalism which was tracked back from the last 100 years and now seemingly exploited all means of existence as Capitalism.
I listened to this video from start to finish. An Amazing and insightful lecture professor Wolff, your historical context & analogies made me understand this situation better.
The Roman, the Ottoman and many other past empires thought they were hitting home runs with their awesome decisions as they approached their final days they were too happy to have been able to brushed aside all the naysayers like you, Dr Wolff. They got a plan. And it’s only good for their people. We’re all out of luck, folks. Thanks for your dedication for humanity and for the working folks Doc. Good fortune to you.
The mark of a good professor is wisdom with wielding knowledge, depth of understanding, impartiality in perspective, a style of communication and education that is easily understood, a gift for dispelling controversy and a motivation for the common good. Prof Wolff, congratulations.
Private owned system provides incentive for people to actively participate in the economic development, but it cannot solve the problem of equality. While the state owned system pay attention to the equal distribution of the wealth, but it lacks incentive motivation for people to earn more money since everyone will get the same amount
Very enlightening especially the mention of trying to resolve the differences in the systems inorder to ensure we can live in peace. Please do not insist your ways are better than others and try to export your systems causing sufferings for everyone. I like to thank Prof Richard Wolff for this last part.
Dr. Wolf - Congratulations to your fantastic presentation. What you described as the China system - is exactly what the former Singapore Prime Minister Lee Kuan Yew employed to make the country of Singapore what it is today. Please do make a study of it, and you will find the source. For many years, Mr. Lee enjoyed a close working relationship with all the top leaders of China and during that time there is a possibility of notes were taken along the way. Thank you once again for sharing your presentation. Cheers
Thank you🌎✊🗽🌹 This lecture truly needs to be heard by all especially now as unionization is slowly growing in support across the United States and South America is becoming more consolidated against the US government's corporate pressures. The China model in policies is also emerging in Africa as well but at a much slower rate. I do not believe in competition for economic gain but unfortunately it feels as though we are all trapped in this vicious cycle of competing rather than growing together for the prosperity of all.
Thank you Professor for this video. Socialism is what the world needs. Going back a few centuries when human societies were hunter gatherers. The men goes out hunting & returned to their village & shared what they caught with the families in the village. There was no big gap between the rich & the poor. Everyone was equal. Then when human being learned to farm, everyone in the village shared the farm work & shared the grains they harvested. All these change when as we evolved with land ownership etc - we have private land ownership & private enterprise. The society became divided - the rich & the poor. Evolution of society to capitalism today, the capitalist put in the capital to start a business & took the risk of losing the capital. Therefore they expect a good profit or certain amount of return on their capital. To make the profit the capitalists have to reduce their production cost. They pay employees as low as possible, depending on the the supply & demand for labour. Many unskilled people work as labourers & earn wages that are barely adequate to live on. Many such low income people need 2 jobs to survive. In many countries there are laws regulating minimum wages to prevent exploitation of labour. Societies have evolved & many countries’ economies embraced capitalism. Countries with good governments are socialistic & have many social programs. In Australia we have laws regulating minimum wage. We have many good social programs, for example: - Medicare to assist payment of medical expenses - Subsidised pharmaceuticals for pensioners. The cost of medicines are largely reduced. - HECS (Higher Education Contribution) system. Any citizen attending university can apply for HECS. The government provides a loan to the students to pay for their fees. The loan is interest free. After graduation the students repay the government, when their salary reaches a certain level We are lucky in Australia. I think the US & other countries can learn from our system.
The People’s Republic of China is challenging United States (US) hegemony. Professor Wolff brilliantly walks us through how the US is declining, and how China is outperforming everybody else. China enjoys far more democracy, than the US media report. The US, conversely, enjoys no democracy. And thus is why US imperialism has been in decline. Americans need study history to create our own democracy. Let’s take it a step further than the Chinese, and democratize the workplace! Democracy that works for everybody!
Just clarify an often asked question why China is socialist. China is a socialist country in a few important ways: 1. All urban lands belong to the state and rural lands to the co-op. The ownership of land is the ultimate tax lever in the hand of the state - or its people 2. China’s economy consists of 60% private and 40% public. State enterprises including banks do not have profits as its sole goal. Instead, they are anti-cyclical tools for managing economic cycles. Thus it misses the mark when some say China’s banks are insolvent or its 40000km high speed rail system is operating at a loss or the hundreds of modern bridges reaching into mountainous remote regions are a waste of money. They may only appear to be not profitable when measured in the narrow scope of the entity but beneficial in the societal perspective. 3. Its governing body has long range state planning every 5 years. Each planning cycle has extensive iterative consultations with many stakeholders. Capital has a role but doesn’t / can’t dominate the state policies. Capital is not above the state, as often seen in the west. Last year the state ordered Ant-group to stop its world-record beating IPO, dismantled an entire industry of school exam preparation, ordered online gaming to be limited in hours for teenagers are good example. Other success stories in long range planning includes Beidou (Chinese GPS), its space station, its C919 civilian aircraft competing with airbus and boeing, its military rapid ship building capability, technologies such as ultrasonic weapons DF-17/21/26 that achieves A2/AD against American aircraft carriers i the region. The list goes on. 4. China’s state governance makes a distinction between public opinions and public interests. The public opinion can change on a whim, easily manipulated by media narratives and limited by peoples knowledge and skills. They can deviate from what is in the public interest significantly. Good governance means do what’s good for the public interest, not catering to the public opinions as often is the case in the west. 5. China’s civil servant sector has an extensive talent scouting and promoting process to ensure the smartest people with extensive work experience to gain important responsibilities. The process not unlike a big corporation promoting from within. Many politicians in the west would simply not make the mark in the Chinese system. China’s politicians are generally dull in their speech but focused on delivery because public speech skills are not valued as in the west. See this TED talk: ruclips.net/video/s0YjL9rZyR0/видео.html
last week I read the news, a girl and a boy get lost and become weak in the mountain area, 6 miles from 101 highway, California, the boy let the girl wait and he try to find helper, ... and boy died due to not having enough water. Damn, if it was in China that area is fully covered with 5G, .............., sad story.
Trying to say something about public speech of officials in China: during conversation rather not polishing your words than giving the impression about messages without solutions. People prefer normal talking rather than politicians’ talking. Still, a few can speak well while delivering likable messages.
@@grizzlycharizard0017 With clear, viable options to replace it, yes. That is many people's wish, myself included. But Communism requires more than youtube comments you know.
I am British and to name us as poodle of the United States is inaccurate, it infers to a much loved pet . We are no even that we are more like lackeys , a playground bully’s sidekick . The one that shouts the loudest and puffs their chest out when the bully beats up a helpless victim .
My thoughts exactly and Ukraine is the other runty member of the gang who being egged on to start trouble with the rival hard boy in the other class… So when he retaliated the 3 of them can join in and fight him…
I think America's in decline based on the way it treats its citizens. Right now, Jerome Powell is trying to bring down workers' wages, as though we're not already struggling. But overall, it's the whole picture of economic inequality. They say Rome's decline was shown in it's excesses, and you see that now with the US' wealthy and powerful.
My nephew just sent me a video of Marianne Williamson's "Economic Bill of Rights". After agreeing that such reforms are critical, I mentioned that the "How" is also critical. I then sent my nephew this video, suggesting that Progressives and all other policymakers (would-be or otherwise) would be wise to consider counsel from the likes of Professor Wolff.
Thank you professor for your words of wisdom. However the U.S. is far from being ready to give up its position as leader and this is the problem that America has to face and solve.
I was from the first major world empire, now live in Australia. Hope we will be able to developed a world system as one country. This is the safest for human survival in
Chinese rural population each owns a piece of farmland, a piece of residence land and a share in village's collective capital, these rights can't be sold.
Pretty sure that has changed... From what I recall, some of those land rights can be sold and/or leased with benefits going to the village/people... In part, to facilitate larger scale farming where villages can even get together, or to help fund the move of people to more urban areas. Also, I thought the land controlled by the village/people was reallocated every ten years (and technically owned by the State unless sold)... But, not keeping up with as much since it has been 4-5 years since I lived in China. Nonetheless, the changes and impact of policies by Deng Xiaoping and Chen Yun have had great impact and I don't see much likelihood of roll-backs...
It’s absolutely an outstanding lecture on the two systems of capitalism and socialism+ “Chinese characteristics”. I certainly hope the 2 countries can find ways to work with each other to benefit not only to themselves but the world community.
I have been waiting for this historical moment my whole life. I didn't think it would happen in my lifetime, but now I have hopes againm. Yankee, go home. We don't want your wars. Cheers from Denmark!
Great lecture. Many thanks. My late Indian historian friend Dipten Banerjee, who 40 years ago often talked about India following the Chinese economic model you spoke of. He was interested in the Asiatic modes of production which Marx touched on in his writing but died before completion. In West Bengal in the 1960s and 1970s there was a lot of leftist activity with a Marxist Leninist party in state power. And also a lot of Chinese inspired Naxalite activity. Banerjee often spoke of the idea of 'bypassing' the classical development theory of moving from feudalism to capitalism to Socialism. Alas the 'bypass' has not happened in India but looking at China's success might be a way to go for certain countries.
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This distinguished gentleman deserves all the respect a man can get. His acute observation, knowledge and vast insights are outstanding. Facts. Pure unfiltered facts that we all will never encounter on any mainstream Western media. Salute you Sir!🫡
Chinese capitalism Dr. Wolff's preferred version. Their billionaire class doesn't exploit the working class I guess.
Dr.Wolff is a brilliant analytical economics professor with insights into current worldwide economic trends.
This talk was 100% spot on. The anti Chinese rhetoric that is stuffed in our faces everyday, from the media, is something that appals me. I myself have lived in China for many years and understand the way at which they go about their lives, and that is why I enjoyed this talk so much. Thank you.
As a foreigner who lived through the entire duration of zero covid for the past 3 years in China, this is by far the most objective commentary I’ve seen on RUclips to date. Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said Tuesday that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy now or put on a watchlist
Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.
A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.
Very true, a huge part of my portfolio growth has come during this bear market. I've been able to scale from $180K to $572K in a short period of time. I basically was just following the steps and guideline from my financial advisor. as long as you've professional help, you're good to go
@@Oly_laura Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
@@martingiavarini Well i won't say i have...Her name is ‘Catherine Morrison Evans’ can't divulge much. Most likely, the internet should have her basic info, you can research if you like
It's not only China like most westerners praying. The whole East Asia has emerging back very fast in the last three decades. I lived in Europe around mid 80 to 90, now in Asia. It's noticeable that people's quality of life is jumping up.
Like Kishore Mahbubani always said America's main problem it that it had turned into a plutocracy.
This guy really knows what he's talking about. The problem with US type of Capitalism is that they depend too much on the private sector, which is almost all "for profit". State owned businesses aren't always "for profit", some times they exist just to serve the people. Now I can see why medical fees and college tuitions are so much cheaper in China than the US.
Its the same as all european colonies. Exploitative.
@@themarbleking why are the GDP numbers of these countries so positive
The scary thing is this is the first empire to collapse with a massive nuclear arsenal, and the neocons in charge seem to have watched way to many James Bond and Mission Impossible movies and fancy themselves as invincible.
We're not going to collapse and if China surpasses us you will get a nuclear war. We will choose death before letting them be number one.
on the contrary, it hasn't collapsed yet, and the first was the ussr.
russia by itself is certainly still a player on the world stage, but putin has not yet felt it necessary to use nuclear weapons.. he may have to. can't afford to lose.
usa is better placed. they just fight for greed. so they have 'lost' in several places, without seeing the use of mushroom clouds.
US had commissioned a study of feasibility of first strike a few years back, if not mistaken, by Georgetown University. there are less than a handful of countries could survive the first strike. US won't dare to fu*k with either Russia, or China.
there is no defense against hypersonic missiles.
Those movies were funded by CIA to brainwash its subject for propaganda purposes; so they can both justify all the evil deeds they carry out and at the same, recruit such useful idiot sheep thinking they are some kind of national hero to do the require evil deeds around the world & even domestically (most likely in the form of drills that went live suddenly without telling the testers). The neocons are merely useful idiots who think they are elites working for the financiers behind the scene who they probably have never met.
@@alloomis1635 The USSR was never an empire except in the mind of imperialist westerners
Wow, everything said is so true, every educated person should listen to this lecture by Professor Wolff with an open mind., especially the politicians in Washington! Thank you so much Professor Wolff. God bless you. I am really concerned about the divisions in this country right now.
The politicians in Washington are hopeless.
Our politricksters seem more concerned about their own asses than about us. They don't really care about us. MJ was right.
I am an uneducated person listening to prof. Wolff and I understand what he is saying. I don't understand why you say "every educated person" instead of everyone should listen.
@@michelestidhamwhitmore8313 I was going to say the same thing; why only educated people should listen? Do you think lesser educated folks are "stupid" and would not understand? That's discrimination.
@@michelestidhamwhitmore8313Wolff was educated by Carl Marx and he is blind to Communist short comings
A most enlightening lecture of immense importance to the present precarious world situation I have ever heard. Thank you so much, Professor.
Nice alliteration.
Hi, everyone! I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
The line where the professor so eloquently stated that the rich people pay less in education than the working class people is so True, and not only in Education they pay less in every type of loan, Business Loans, Car loans mortgages everything…… The working class people are taken advantage economically while at the same time they are pitted against each other.
"Obedient workers" -George Carlin
ruclips.net/video/tetndXjHG1U/видео.html
Being poor is expensive. Even banks will charge you for not having enough money in your checking and savings accounts. it's ridiculous
I worked in a nightclub and rich celebrities got in free and were showered with free drinks. If regular people saw stars, they would of course tell their friends and attracting more business. I then realized that super rich celebrities live in a communist utopia.
Who benefits from the loans the poor people are burdened with? THE RICH. of course!
Great statement Ismael.
Wow
This is an 1 hour long analysis and I told myself…what’s…already done.
I believe I could listen to Prof all day without getting bored.
To understand Prof analysis here, like he said one should not pay attention to the political system but rather see what happened in the two systems.
Thank you Professor
Americans listen to prof. Americans LISTEN TO THIS PROFESSOR WOLF!!!!! He is telling you the TRUTH AND THE WHOLE TRUTH!!!!!
No one can match Professor Wolff in making complex socioeconomic discussions so easy to understand.👍🙏😻
😊😊
0:38 0:40 😅
@@dimitrov378😅
The problem is you have been fooled by his inaccurate statements and exaggerations. I will be exposing this CCP shill soon.
Hi, everyone! I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
WAKE UP AMERICANS LISTEN TO THIS MAN - PROFESSOR WOLF!!!! HE SPEAKS THE TRUTH!!!!!
Fantastic talk Professor!
Wish every student in high school was made to view this talk to learn about how Capitalism works in the US
Very true and so clear .
Are ours leaders could take few min and lessening forgetting awhile theirs stupid and inhuman approach as humanity and sentiments are the foundation of the people they represent most of leaders become imposters as they actions doesn't not match the duty of the position they occupied .r
The problem is that it's the people who pay for their wrong doing or for their incapability.
"The thesis of private capitalism,
The antithesis of state capitalism,
& The synthesis that the Chinese has now shown us"
Well said !
Unfortunately the arrogance of our leaders never allows them to learn from a successful example. What is it that arrogance demands in that situation? Double down! Should be the US's middle name. We the people of this united states and the world at large's most dire problem is THE LEADERS OF THIS COUNTRY.
I have to agree! They are really very observant, and they try to learn from other people’s mistake, and that is very important , since we all will never know everything , and have to learn from each other. The day we think we are above learning, from others, is the day we fail..
Just look at the Chinese space program. Every single mission has been a success. They were excluded from the International Space Station, so built their own. They now dominate so many sectors of technology that they will be setting standards soon enough.
But would Xi Jinping be the kind of guy that you would want to drink a beer with?
@@alanfriesen9837
Sure, why not? He was demonized by the Western medias.
@@alanfriesen9837 why not? He is full of wisdom.
@@yenphung8809 Oh, I agree.
Prof. Wolf will always be my favorite economist...of all time!!!
Sir, I wish , I could be your student. Now I 62
...Pl sir keep it up. People's love and God's blessings will be with you.
I just want to say in general: Thank you Prof. Wolff, it is a pleasure to listen to your thoughts and knowledge. Please continue in doing that work. It is necessary, that people like you are explaining their expertise. You don't have to, but that you do that, I am very thankful. 👍👍👍👍👍
FYI China's State-run colleges and universities' anual truition fee is 3000 RMB per semester, which is USD 430 at the current exhange rate; and dormitry cost USD200-250 per student per semester.
This is the best and most comprehensive lecture I have heard from the professor on this subject it’s like a parent trying to talk their grown up child he sees the patterns there that most people refuse to believe the writing on the wall
I think this is the strongest lecture of yours that I’ve seen, and I’ve seen hundreds. Congratulations, and THANK YOU.
I shared with a comrade and he raised some a few minor quibbles, but also he did appreciate that Dr. Wolff basically said, “given all their success, are you as an American leftist seriously going to tell the Chinese they should change their system?” My comrade thinks you made a very neutral framing of the rise of China that didn’t make any commentary on the many global benefits of the rise like climate action, displacement of US imperial power, and third world industrialization. My comrade is not certain calling China an empire is fair, given China’s far more equitable treatment of smaller partner states. For example: no military interventions and more generous loan agreements; loan agreements that are sometimes forgiven and don’t require social austerity clauses, etc. These are serious distinctions between Chinese and US international economic policy, even if China has increasingly empire-like economic leverage potential. My comrade feels you mischaracterize Chinese cooperatives. Instead of celebrating more than 10% of the economy being worker cooperatives, you call for coops to cover the whole economy. My comrade is pretty sure that China has the most cooperative worker-owners of any other nation. If true, we don’t think it’s an insignificant or neglected sector of their economy. You also talked through a wide range of ratios for what the CPC originally envisioned for state vs. private enterprises, and my comrade said you vastly overestimated the amount of private enterprises that have ever existed in the PRC. We don’t know how he was measuring, but my comrade thinks the state sector still owns more than 80% of assets in their economy. My comrade isn’t a fan of the term “state capitalism,” since capitalism inherently means private ownership of the means of production, not democratic state control on behalf of the public trust. You also could have mentioned the McKinsey study last year that found China’s GDP was actually already 30% larger than the US’s…
So well analysed, professor Wolff deserves to receive the award of 2 Nobel prizes .one for economic achievement 🏆 and one for world peace🏆 ✌️🎉🎉🎉
Looking carefully at the Character of the US government and culture and the Character of China and its culture.,, as they both exist today.. There is no doubt or question in my mind China has it... China is the one I would like to see survive and become Humanity's Main Government system.
professor Wolf this talk was amazing more then other you gave us thanks Richard Wolf for all the years of your work.
Prof. Wolfe’s videos are like 4 yrs of college. The man is a brilliant educator. Thank you Prof. Wolfe!!
I take notes 😅
I'm sorry you've been fooled by Wolff's nonsense. He's complete disinfo.
@@avainvestmentanalytics sorry you don't have the IQ to understand his broader overview thinking of economics.
Two simple and very clear examples:
1. US (capitalist): a deteriorating society, aging infrastructure, homelessness, dangerous dirty cities, poor education system, crime, violence, drugs, murders, poverty, unaffordable living, debt ridden, a populace in angst and worry, unsafe and hostile society, buried in "capitalist" debt, a government that is owned and controlled by the rich and their interests at the expense of the public.
2. CHINA (socialist): a civilized society, modern state of the art infrastructure, safe clean cities, good education system, low crime, low violence, low drugs, affordable living, manageable debt (smart investments:BRI, infrastructure, education, business/enterprises), a government that places its interests in its people, society and country. Providing safe, functional, cities that offer opportunities for people.
PS: you should read the comments you'd find you're in the very small minority with your opinion
@@jvs333 I don't have the IQ huh? I have a Masters degree from UPenn in chemistry. You might want to investigate my research track record before making ridiculous statements. The fact is I am one of the very best analysts in the world today. Not only did I predict the details of the 2008 financial crisis with more accuracy than anyone, I also recommended Chinese equities 20 years ago. But I recognized when China was in trouble several years ago. China has seen its best days for various reasons. If you're a serious investor or scholar, you would benefit from my 5-hour webinar on China. As far as your rants, as a world-class analyst I don't engage in debates with novices in the fields. Ask your cult leader Wolff to debate me live on these issues on a neutral platform. He won't do it once he realizes who he's dealing with because he knows he can only fool the YT audience which is quite ignorant.
A great piece of lecture highly beneficial to politicians on both sides of the globe.
The truly terrifying things is what happens when the hegemony of the "richest and most powerful nation that ever was" is threatened by ANYONE? Considering America's arrogant belligerence on the World stage for all of my 73 years of life, I am guessing it won't be good.
back then, Sun Never Sets British Empire was also "richest and most powerful nation that ever was" at that time
but she caved in eventually
like major conflict brits vs the US as in American Revolutionary War, major conflict between Chinese and the US also happened already in Korean peninsula and Vietnam
event similar to White House Burning is happening in Taiwan island right now
so according to history, I don't think anything major would occur after the Taiwan issue all settling down
@@sickg6417 you will get a nuclear war over the United States Global position.
@Armament Armed Arm and if China surpasses us we're going to do it.
@@sickg6417 I agree, empires rise and fall, the elephant in the room is nuclear
I hope the collapse of the usa is soon. Its the biggest maffia, terrorist state to ever exist.
Paraphrasing here: Back in 1928, Leon Trotsky noted that when the USA enters its inevitable period of crisis, it will be ruthless in attempting to maintain its hegemony by any means necessary and against any nation, which will engender convulsions across the planet that will threaten our very existence. This assessment is based on the size of the US economy.
The recently deceased Prof Zbigniew Brezenski's "The Grand Chessboard" (the skunk that gave us the Mujahadeen) is the blueprint for the invasion of the Middle East and cites the invasion and control of Afghanistan and Ukraine as imperatives in the quest to control the regions vast resources. Just before he died, he said the lack of sufficient boots on the ground in the invasion's initial phase compromised the mission from the start that is now unwinnable.
While the British ceded hegemony to the US without conflict, the US has no intention of doing the same and is in no position to do so. It's not 1947 when capitalist expansion was still possible, and the resources were available. Its 1939 and a world of economic crisis, tariffs, growing instability and hostility between competing nation states, and the complete breakdown of the post-war mechanisms meant to avoid the conditions developing that set off both global conflicts. Ukraine and its people are sacrificed fighting a proxy war as the US plans to break up the Russian Federation and take control of its resources. To believe they will stop there would be a grave mistake; they have China firmly in their sites.
Once again, and for the last time the question is posed; Socialism or barbarism?
>1928....when the USA enters its inevitable period of crisis,
Early Christians waited in forest clearings for the 2nd Comning. Very sadly, they are still waiting.
I agreed that Leon Trotsky was the true ideological successor of Lenin, and Stalin was the root of the socialism decline. Soviet Union was the 1st attempt and failed ultimately because the course had been altered by Stalin.
@@TeaParty1776 Except for it did...ever heard of the great depression? lol...
History time if what Normalized Insanity here is saying is flying over your head:
The US is the global hegemon and has positioned itself as the "consumer of last resort" at the end of the global supply chain (which we enforce/coerce militarily/financially) to absorb inevitable overproduction of capitalism (which causes the hundreds of "panics" throughout the 19th and early 20th century - in their time often known as the "great depression" until the one from 1929 onward was recorded permanently) through cheap consumption or of course through our favorite activity of war and arms sales (military Keynesianism, the only button we can push at this point clearly).
We accomplish this through the Bretton-Woods international financial system, leveraged by the US post-WWII by being the only industrialized nation-state _not_ bombed to shit and effectively taking the imperial baton from the British and their pound sterling, cementing the dollar as the "global reserve currency" and through the IMF/World Bank and its post-71 (Nixon shock) -debt peonage/resource/labor control austerity policy- "structural adjustment" programs lend capital in dollar loans under the stipulation of absolute control of labor/markets/resources by US capital, "an offer they can't refuse" - any nation-states refusing to bend the knee like Cuba (see: Operation Mongoose, Northwoods, etc), Venezuela (sitting on the largest oil reserve in the world, what a coincidence), Iran (which we couped in '53 installing the Shah to prevent oil nationalization, shocker, Operation AJAX), et al. of course gets unilaterally sanctioned and excluded from the global trade network run at our behest at the minimum, but also perpetually coup-ed by the CIA or just overtly invaded, tracking the CIA's "regime change" operational history will reveal this grotesque rise of empire akin to the optimates of the late Roman empire but with guns and nukes. Red scare(s)/Taft-Hartley have hollowed out the heart and soul of labor power in the US provided by the New Deal and as a result, much like your populares movement of the Gracchi bros and later Caesar being crushed by that Roman oligarchy for crossing the actual rubicon of debt cancellation and land redistribution, much like the rhetorical adoption of Christianity to quell the ideological alignment _against_ the Roman occupation that Jesus brought about leading to its eventual _ACTUAL_ dissolution, you have an empire desperately lashing out to maintain its gradually waning influence. This is how capitalism "works". Cui Bono? Who benefits? Reminded of Michael Parenti, an excerpt from his piece Mystery: How Wealth Creates Poverty:
_In their perpetual confusion, some liberal critics conclude that foreign aid and IMF and World Bank structural adjustments “do not work”; the end result is less self-sufficiency and more poverty for the recipient nations, they point out. Why then do the rich member states continue to fund the IMF and World Bank? Are their leaders just less intelligent than the critics who keep pointing out to them that their policies are having the opposite effect?_
_No, it is the critics who are stupid not the western leaders and investors who own so much of the world and enjoy such immense wealth and success. They pursue their aid and foreign loan programs because such programs do work. The question is, work for whom? Cui bono?_
_The purpose behind their investments, loans, and aid programs is not to uplift the masses in other countries. That is certainly not the business they are in. The purpose is to serve the interests of global capital accumulation, to take over the lands and local economies of Third World peoples, monopolize their markets, depress their wages, indenture their labor with enormous debts, privatize their public service sector, and prevent these nations from emerging as trade competitors by not allowing them a normal development._
_In these respects, investments, foreign loans, and structural adjustments work very well indeed._
_The real mystery is: why do some people find such an analysis to be so improbable, a “conspiratorial” imagining? Why are they skeptical that U.S. rulers knowingly and deliberately pursue such ruthless policies (suppress wages, rollback environmental protections, eliminate the public sector, cut human services) in the Third World? These rulers are pursuing much the same policies right here in our own country!_
_Isn’t it time that liberal critics stop thinking that the people who own so much of the world---and want to own it all---are “incompetent” or “misguided” or “failing to see the unintended consequences of their policies”? You are not being very smart when you think your enemies are not as smart as you. They know where their interests lie, and so should we._
It's no coincidence that our bipartisan blackhole "defense" budget passes with ease to implicitly/explicitly enforce this now global financial "order" through the 1,000+ military bases worldwide and toward the perpetual benefit of US corporate/finance capital at the zero-sum cost of the working class (not to mention the planet that we're consciously destroying at this point...), meanwhile a modest domestic spending bill or god forbid even the most basic of healthcare for the people that actually make this world produce any sort of life worth living is callously thrown at the wayside.
The empire feeds off the republic, hollowing out all social meaning and trust to be sold for profit and leading to an ouroboros of resentment and a headlong thanatos embrace toward the "common ruin of the contending classes." To echo Rosa Luxemburg from 1918 Germany as Normalized insanity here invoked, before of course being executed by the freikorps paramilitary (later becoming the SS, shocker) at the behest of Ebert's ostensibly _social democratic_ SPD party (the party itself split with the international socialists over the decision of war credits for WWI; ain't no war but the class war), almost immediately resonating the truth of such a succinct political dichotomy to this day; juxtaposing that specter haunting the modern world with its only alternative:
*_Socialism or_* [continued] *_barbarism._*
@@alanOHALAN You gotta wonder though, what happens then with WWII? The USSR sacrificing 27 million to halt nazi Germany's advance. Not disagreeing necessarily, but I think it's a bit more complicated. No doubt Stalin wasn't a "good" guy of course, but as Prof.Wolff gets at in the beginning here I'm not trying to dictate history through a normative lens with this minor skeptical contention, merely a material one, the "is" and not the "ought" as Hume would put it. Obviously such a counterfactual makes it impossible to say, but uhh well I guess that's my point lol, who knows.
But yes, you are def correct in that Lenin did _not_ want Stalin to take over citing his quenching for power as the reason why which no doubt was a huge and tainting part of his dominion.
_"Men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances, but under circumstances existing already, given and transmitted from the past. The tradition of all dead generations weighs like a nightmare on the brains of the living."_ - some guy
@@alanOHALAN If you haven't heard it already, I found this a humorous look into Stalin's life and his paranoiac (justifiably in some narrow cases, though to an enormous fault however obviously) dictatorship from a historical materialist perspective (and the book Young Stalin by Simon Sebag if I recall):
ruclips.net/video/qs_viRxyzPA/видео.html
I don't know which is more astonishing, the logic and significance of the information Professor Wolff shares here, or the profound ignorance most people have about these momentous events that we are witnessing in our lifetime.
You're going to witness World War 3. The United States will absolutely not no matter what except second to China that's not an option. You will get the most horrible apocalyptic outcome you could ever fathom.
Because you folks have left in dark. One word was taught to you 🤣😅
USA ,USA , USA. While you guys are chanting this the Imperialism was stealing from you and getting richer every passing minute.
@@harbhajandosanjh634 Surely, this isn't being said in malice. You know majority of his viewers [Prof. Wolff] are anti-imperialist communists, right?
If people are ignorant of some momentous events, then those people would not be witnessing it.
Or should it be so understood as that "most people" are not witnessing what "we" are witnessing, which then poses a question: Who is this "we" as referred to?
Thank profesor Wolff for the most simple explanation of Chinas economical model gracias for a complex topic explained simple
Very much appreciate the professor gives such a amazing lesson.
Very good video and subjects
I would like to listen professor Richrd wollf lecture because prof.speaks very loudly, clearly, and truly about the amid situations. Thank you sir i appreciate a lot.
This is a true & superb presentation to the world and more importantly to the American audience. Only those with a "One Way" mind won't listen to it.
Thanks for the most interesting talk I've heard over the last 10 years. Blessings from Durban, South Africa
Thank you, professor, for explaining a very complicated economic systems of America and that of the PEOPLES Republic of China and that you have given us the American citizens and our political ELITES a kind and a Very prudent recipe to examine for the sake of WORLD PEACE!
I SALUTE YOU AND THANK YOU AGAIN FROM THE BOTTOM OF MY HEART!
i am so glad that the PROFESSOR conclude that China is a mixed capitalist system, not a communist system. crazies from both extremes on china take note.
what an amazing talk about current situation we are in by Prof. Wolff! Thank you!
Best explanation of the world economic situation EVER! Thank you, Sir!
Highly impressive. Best lecture yet to date. Nice job Professor Wolff ..Thank you!
Listenable lectured by prof. Richard Wolff thankyou verymuch sir.
An excellent lecture! Thank you , Professor Wolff!
The most comprehensive explanation on such difficult subject..!
Thank you Sir for making it so simple and very easy to understand it.
I go back and forward many times through out the video to digest all the details... and I really appreciate the effort you're putting on these educational videos which are the best for us out here to learn about our country and the world!!
Thank you!!
Incredible speech 🗨, analysis, understanding in a depths details... It's an enlightenment for the Leaders...
It is a "refreshing" experience to hear someone speak objective truths rather than partisan political pullshit.
Wow! Damn well put together. Highly impressive. Best lecture yet to date. Nice job Professor Wolff thank you!
🎉🎉❤❤😢😮😊😊
Thank you so much for your deep insight into capitalism which was tracked back from the last 100 years and now seemingly exploited all means of existence as Capitalism.
I listened to this video from start to finish. An Amazing and insightful lecture professor Wolff, your historical context & analogies made me understand this situation better.
The Roman, the Ottoman and many other past empires thought they were hitting home runs with their awesome decisions as they approached their final days they were too happy to have been able to brushed aside all the naysayers like you, Dr Wolff. They got a plan. And it’s only good for their people. We’re all out of luck, folks. Thanks for your dedication for humanity and for the working folks Doc. Good fortune to you.
Purely brilliant. Thank you, Professor Wolff.
Thank you so much professor for educating and enlightening me with your awesome and world-class lecture. Thanks once again, prof!
The mark of a good professor is wisdom with wielding knowledge, depth of understanding, impartiality in perspective, a style of communication and education that is easily understood, a gift for dispelling controversy and a motivation for the common good. Prof Wolff, congratulations.
😂😂😂😂😂😂
Now that is just funny. Thanks for the laugh comrade.
@@bluewater454 Go BRICS!!!!❤
@@Bahar5558 Whatever floats your boat comrade. You do you.
🍻
Private owned system provides incentive for people to actively participate in the economic development, but it cannot solve the problem of equality. While the state owned system pay attention to the equal distribution of the wealth, but it lacks incentive motivation for people to earn more money since everyone will get the same amount
I LOVE LOVE your channel. Your insights are really phenomenal
Yes, I LOVE LOVE his work sooo much to. Let's suck him OFF OFF together
Very enlightening especially the mention of trying to resolve the differences in the systems inorder to ensure we can live in peace. Please do not insist your ways are better than others and try to export your systems causing sufferings for everyone. I like to thank Prof Richard Wolff for this last part.
Dr. Wolf - Congratulations to your fantastic presentation.
What you described as the China system - is exactly what the former Singapore Prime Minister Lee Kuan Yew employed to make the country of Singapore what it is today. Please do make a study of it, and you will find the source.
For many years, Mr. Lee enjoyed a close working relationship with all the top leaders of China and during that time there is a possibility of notes were taken along the way.
Thank you once again for sharing your presentation. Cheers
One of your best lectures. Thank you Prof Wolff.
Thank you🌎✊🗽🌹
This lecture truly needs to be heard by all especially now as unionization is slowly growing in support across the United States and South America is becoming more consolidated against the US government's corporate pressures. The China model in policies is also emerging in Africa as well but at a much slower rate. I do not believe in competition for economic gain but unfortunately it feels as though we are all trapped in this vicious cycle of competing rather than growing together for the prosperity of all.
Brilliant as always. , professor Wolff .
Thank you Professor for this video. Socialism is what the world needs. Going back a few centuries when human societies were hunter gatherers. The men goes out hunting & returned to their village & shared what they caught with the families in the village. There was no big gap between the rich & the poor. Everyone was equal. Then when human being learned to farm, everyone in the village shared the farm work & shared the grains they harvested. All these change when as we evolved with land ownership etc - we have private land ownership & private enterprise. The society became divided - the rich & the poor. Evolution of society to capitalism today, the capitalist put in the capital to start a business & took the risk of losing the capital. Therefore they expect a good profit or certain amount of return on their capital. To make the profit the capitalists have to reduce their production cost. They pay employees as low as possible, depending on the the supply & demand for labour. Many unskilled people work as labourers & earn wages that are barely adequate to live on. Many such low income people need 2 jobs to survive. In many countries there are laws regulating minimum wages to prevent exploitation of labour. Societies have evolved & many countries’ economies embraced capitalism. Countries with good governments are socialistic & have many social programs. In Australia we have laws regulating minimum wage. We have many good social programs, for example:
- Medicare to assist payment of medical expenses
- Subsidised pharmaceuticals for pensioners. The cost of medicines are largely reduced.
- HECS (Higher Education Contribution) system. Any citizen attending university can apply for HECS. The government provides a loan to the students to pay for their fees. The loan is interest free. After graduation the students repay the government, when their salary reaches a certain level
We are lucky in Australia.
I think the US & other countries can learn from our system.
The People’s Republic of China is challenging United States (US) hegemony. Professor Wolff brilliantly walks us through how the US is declining, and how China is outperforming everybody else.
China enjoys far more democracy, than the US media report. The US, conversely, enjoys no democracy. And thus is why US imperialism has been in decline. Americans need study history to create our own democracy. Let’s take it a step further than the Chinese, and democratize the workplace! Democracy that works for everybody!
What a great presentation, what a great statement! Thank you very much.
Thank you professor for your words of wisdom. Well said!
Just clarify an often asked question why China is socialist. China is a socialist country in a few important ways:
1. All urban lands belong to the state and rural lands to the co-op. The ownership of land is the ultimate tax lever in the hand of the state - or its people
2. China’s economy consists of 60% private and 40% public. State enterprises including banks do not have profits as its sole goal. Instead, they are anti-cyclical tools for managing economic cycles. Thus it misses the mark when some say China’s banks are insolvent or its 40000km high speed rail system is operating at a loss or the hundreds of modern bridges reaching into mountainous remote regions are a waste of money.
They may only appear to be not profitable when measured in the narrow scope of the entity but beneficial in the societal perspective.
3. Its governing body has long range state planning every 5 years. Each planning cycle has extensive iterative consultations with many stakeholders. Capital has a role but doesn’t / can’t dominate the state policies. Capital is not above the state, as often seen in the west. Last year the state ordered Ant-group to stop its world-record beating IPO, dismantled an entire industry of school exam preparation, ordered online gaming to be limited in hours for teenagers are good example. Other success stories in long range planning includes Beidou (Chinese GPS), its space station, its C919 civilian aircraft competing with airbus and boeing, its military rapid ship building capability, technologies such as ultrasonic weapons DF-17/21/26 that achieves A2/AD against American aircraft carriers i the region. The list goes on.
4. China’s state governance makes a distinction between public opinions and public interests. The public opinion can change on a whim, easily manipulated by media narratives and limited by peoples knowledge and skills. They can deviate from what is in the public interest significantly. Good governance means do what’s good for the public interest, not catering to the public opinions as often is the case in the west.
5. China’s civil servant sector has an extensive talent scouting and promoting process to ensure the smartest people with extensive work experience to gain important responsibilities. The process not unlike a big corporation promoting from within. Many politicians in the west would simply not make the mark in the Chinese system. China’s politicians are generally dull in their speech but focused on delivery because public speech skills are not valued as in the west. See this TED talk: ruclips.net/video/s0YjL9rZyR0/видео.html
last week I read the news, a girl and a boy get lost and become weak in the mountain area, 6 miles from 101 highway, California, the boy let the girl wait and he try to find helper, ... and boy died due to not having enough water. Damn, if it was in China that area is fully covered with 5G, .............., sad story.
Trying to say something about public speech of officials in China: during conversation rather not polishing your words than giving the impression about messages without solutions. People prefer normal talking rather than politicians’ talking. Still, a few can speak well while delivering likable messages.
i thought china's economy was 60% public and 40% private... 😅
Ray Dalio’s latest book Principles for dealing w a changing world order is incredible & worth reading
Read the Doomsday machine because that's the outcome you're going to get if they surpass the United States. ☢️
Thank you for pointing out all what you talked about.Keep it up.
Wow, really well put together and an eyes opener.
Bravo, Professor Wolff.👏👏👏
Thank You Sir, watching n widening our horizons, hope world can come together
Excellent and lucid style. Thank you.
Good conversion like usual. Our world is changing, thanks
Changing for the worst, you better pray they don't surpass the US otherwise it's fucking over ☢️
Not necessarily for the better...... we have to bring the change we desire.
@@nihleigleca6702 Yes we need to get arid of Capitalism.
@@grizzlycharizard0017 With clear, viable options to replace it, yes. That is many people's wish, myself included. But Communism requires more than youtube comments you know.
Thank you Professor Wolff, for such an comprehensive lecture! I've learned a lot!
I am British and to name us as poodle of the United States is inaccurate, it infers to a much loved pet . We are no even that we are more like lackeys , a playground bully’s sidekick . The one that shouts the loudest and puffs their chest out when the bully beats up a helpless victim .
My thoughts exactly and Ukraine is the other runty member of the gang who being egged on to start trouble with the rival hard boy in the other class… So when he retaliated the 3 of them can join in and fight him…
Puppet of the US today, how's that sound?
Another fantastic video from Prof. Wolf!!!
I think America's in decline based on the way it treats its citizens. Right now, Jerome Powell is trying to bring down workers' wages, as though we're not already struggling. But overall, it's the whole picture of economic inequality. They say Rome's decline was shown in it's excesses, and you see that now with the US' wealthy and powerful.
"We live in capitalism. Its power seems inescapable. But so, once, did the divine right of kings." - Ursula K. Leguin
Well said, professor !
professor of what?
Remarkable speech, thank you!
My nephew just sent me a video of Marianne Williamson's "Economic Bill of Rights". After agreeing that such reforms are critical, I mentioned that the "How" is also critical. I then sent my nephew this video, suggesting that Progressives and all other policymakers (would-be or otherwise) would be wise to consider counsel from the likes of Professor Wolff.
Thank You Dr Wolff, Interesting lecture.
Amazing truthful speaker ,we need this kind of people to awaken us to reality!
Very insightful. Thank you so much for sharing your lecture
A great exposition. I have never heard something like this before.
Well said Professor 👏👏👏👏
Thank you, Professor Wolff, for the enlightening talk.
Thank you professor for your words of wisdom. However the U.S. is far from being ready to give up its position as leader and this is the problem that America has to face and solve.
We will stay the leader or you will get the last war.
Prof. Wolff thanks for the class. I hope this video reaches many people, Specialy us natives.😊
Very brave unbiased opinions without politicking tks very wise Professor 👍👏👏👏👏👏👏👏👏
I was from the first major world empire, now live in Australia. Hope we will be able to developed a world system as one country. This is the safest for human survival in
Chinese rural population each owns a piece of farmland, a piece of residence land and a share in village's collective capital, these rights can't be sold.
Pretty sure that has changed... From what I recall, some of those land rights can be sold and/or leased with benefits going to the village/people... In part, to facilitate larger scale farming where villages can even get together, or to help fund the move of people to more urban areas. Also, I thought the land controlled by the village/people was reallocated every ten years (and technically owned by the State unless sold)... But, not keeping up with as much since it has been 4-5 years since I lived in China. Nonetheless, the changes and impact of policies by Deng Xiaoping and Chen Yun have had great impact and I don't see much likelihood of roll-backs...
Well done!
Very detailed and informative speech, tks
Thank you for the stream
Thank you for this lecture. Very enlightening. I will, of course, have to listen to it again because it was very intricate. Also, I'm tired :)
Thank you professor Wolf!
It’s absolutely an outstanding lecture on the two systems of capitalism and socialism+ “Chinese characteristics”. I certainly hope the 2 countries can find ways to work with each other to benefit not only to themselves but the world community.
no way. You don't under the nature of our Party.
I have been waiting for this historical moment my whole life. I didn't think it would happen in my lifetime, but now I have hopes againm. Yankee, go home. We don't want your wars. Cheers from Denmark!
Thank you for your wisdom.
Great lecture. Many thanks. My late Indian historian friend Dipten Banerjee, who 40 years ago often talked about India following the Chinese economic model you spoke of. He was interested in the Asiatic modes of production which Marx touched on in his writing but died before completion. In West Bengal in the 1960s and 1970s there was a lot of leftist activity with a Marxist Leninist party in state power. And also a lot of Chinese inspired Naxalite activity. Banerjee often spoke of the idea of 'bypassing' the classical development theory of moving from feudalism to capitalism to Socialism.
Alas the 'bypass' has not happened in India but looking at China's success might be a way to go for certain countries.