Economic Update: China: Capitalist, Socialist or What?

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Economic Update: China: Capitalist, Socialist or What?
18,509 views•Aug 24, 2020

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Democracy At Work
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On this week's episode, Prof. Wolff talks about the Chinese economy. China is run by a Communist Party but describes itself as socialist, while the employer/employee structure of its enterprises is capitalist. We examine what this means for (a) its place in the world economy, (b) its place in the transition from capitalism to socialism/communism, and (c) its conflict with the US.
510 Comments
Auggie Giuseppe
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chrisbacos
chrisbacos
9 hours ago
I listened to this yesterday on KPFK FM in Los Angeles.  It was worthwhile.

70


Edward Siegel
Edward Siegel
8 hours ago
These talks are among the most informative offering on all of YouTube.

112


Ali Booondok
Ali Booondok
9 hours ago
I wish more people in this country valued knowledge and information from reputable people.

The overviews you provide are incredibly important for our future.

105


Test DD
Test DD
4 hours ago
As a Chinese citizen, I’d like to say this may be the most transparent and accurate analysis of the Chinese political system from an American scholar. It’s not exactly right in my opinion but close to it.
Just want to say to my American friends. We are not the country you see on your TV or read on your newspapers. In so many respect, we are very similar to you. We want similar stuff. And we are certainly not your enemies.
The USA has always been a role model of us until recent years. Clearly you have many problems domestically. Fix them. Starting a war with China may just be the stupidest thing in the world.

30


Gregory Wonderwheel
Gregory Wonderwheel
8 hours ago
Even though I shouldn't be, I'm always surprsised how succinct and compact Prof. Wolff can present the historical and political contexts of economic issues. It shows his years of experience and study of the topics he addresses.

42


mijmijrm
mijmijrm
6 hours ago (edited)
given the international murderous, thieving, misery generating nature of the USA Mafia State, i'd prefer the decline of the USA rather than co-existence with USA.

20


Ossie Weinert
Ossie Weinert
8 hours ago
Outstanding lecture Professor Wolff! Thank you.

49


wooyyeah
wooyyeah
5 hours ago
As a Chinese American whose parents left Asia in the 1960s, this has touched my heart, and this is by far in my opinion, your best lesson Professor.

12


Nota Bene
Nota Bene
6 hours ago
— "Socialism doesn't work!"
— "But the Western European and Nordic countries are doing great with it."
— "That's not real socialism! They're basically capitalist."
— "Okay, let's adopt their policies then."
— "No, that's socialism."

76


Rufous Hummingbird
Rufous Hummingbird
7 hours ago
Prof. Wolff, could you do an episode on Vietnam as well? I've heard worker co-ops actually have a presence there. Also, their handling of Covid is commendable.

45


Paul Wellman
Paul Wellman
6 hours ago
Too finish that transition I suggest voting for Howie Hawkins and Angela Walker of the Green Party.

7


FullyAutomatedLuxuryLGBTplusTranshumnistSpaceAnCom
FullyAutomatedLuxuryLGBTplusTranshumnistSpaceAnCom
8 hours ago
Kinda surprised you didn't mention Deng Xiaoping and his economic liberalizing reforms in the 70s which dismantled collectives among other things, I feel like that is extremely important to this discussion.

15


Christopher Celmer
Christopher Celmer
7 hours ago
As much as people throw hate at China, they are the oldest and only remaining original civilization. If anyone can figure shit out before anyone else China will.

3


Max Meggeneder
Max Meggeneder
9 hours ago
"The casualty of the cold War was the truth!"
Excellent! That's exactly what happened.

24


JoAnn Smith
JoAnn Smith
2 days ago
Thank you for clarification of this topic. There is so much confusion in my family about Socialism and Communism.

35


Domingo De Anda
Domingo De Anda
6 hours ago
The U.S. is causing it's own demise.

4


Cat April Watters
Cat April Watters
4 hours ago (edited)
The difference between the US and China,, it sounds like Prof Wolff,, Is that China and other countries do things legitimately while the US is ALL about "profiting" off problems which then perpetuates the problems. The US tries to create the Illusion of "success" when other countries do it in Reality. The US tries to Cover up, which only Exacerbates problems. Why doesn't the US just model after countries doing things Right? This Corp "gov" Wall St would have to eat their EGO and admit that abusing it's people and other populations doesn't work

3


Anthony Romano
Anthony Romano
1 hour ago
It only took me 56 years and this 30 minute video to figure this out.

4


xelakram
xelakram
8 hours ago
An excellent synopsis. Clear and concise. Thank you!

15


Rethika R
Rethika R
8 hours ago
Thank you professor Richard Wolff for your views on capitalism, socialism and communism.

13


Richard Byrnes
Richard Byrnes
45 minutes ago
I dream of an America where Professor Wolff is President and Chris Hedges is Secretary of State.