"Global Capitalism: China - US’s First Real Competitor in a Century [November 2021] ~~ Richard Wolff

https://www.youtube.com/watch?v=6q5VsEew0ZM

~~ posted for dmorista ~~

Introduction by dmorista:

This is a link to the latest of Richard Wolff's bi-monthly talks/lectures. These used to be delivered in person at Judson Memorial Church near Washington Square in New York City, but since the Covid-19 situation caused the cancellation of such events he has delivered them online. The subject of this talk is China and the U.S. China socioeconomic and political relationships. As usual he manages to boil down a vast complex set of factors into an easily understandable set of facts.

In this lecture Wolff discusses the achievements of China over the last 50 years, the challenges and problems that China faces at the present time, the inter-relationship between the U.S. and China, and the ramifications of these issues in the current-day situation we all must confront in our daily lives. Wolff presents some of the strengths and weaknesses of China in dispassionate terms. He points out that China has grown economically at 3 times the rate of the U.S., and that the average income level in China has quadrupled in the last 40 years while that in the U.S. has stagnated. In fact the income level of the bottom half of the U.S. population has declined seriously in that time. China has emerged as a very important factor in world events, it has become a major creditor to the U.S., lending over $1 Trillion that has accumulated in Chinese accounts, due to the extremely lop-sided trade relationship.

It is a very good talk, a bit less than an hour long, and is well worth the time needed to watch it