The Phenomenon of China

Economic Update with Richard D. Wolff

Democracy at Work

Coops, Economics, Economy, Workercooperative, Capitalism, Politics, News, Government

4.8 • 1.9K Ratings

🗓️ 30 April 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

[EU S14 E17] The Phenomenon of China

This week’s Economic Update Professor Richard Wolff dedicates the entire show to the economic developmental achievement of China, together with the historical background that motivated that achievement. We analyze the uniqueness of both the economic philosophy and the politics of China.

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Transcript

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0:00.0	Welcome friends to another edition of Economic Update, a weekly program devoted to the economic dimensions of our lives and those of our children.
0:19.5	I'm your host, Richard Wolf. Okay, why am I devoting this program to China? Is it
0:27.6	because China is extremely important in the world today? Partly. Is it because China is kind of the new thing changing the world today?
0:37.0	Yep, that's another part of it. Is it because China is poorly understood, particularly in the United States, but in the West generally? Yes, yet, that's yet another reason.
0:49.3	China is changing and shaking the world in ways that are going to be central to our
0:56.4	experience for the foreseeable future. It deserves a great deal more attention than it's getting or to be a bit more precise
1:06.4	It deserves attention that is balanced that is trying to understand what's going on and that is not propagandistic
1:16.8	painting them bad so that we in the West look better by comparison.
1:22.0	It's a childish game, it's dangerous, and it's not what we're here to do.
1:27.8	What we're trying to do is get an overview that makes some sense, Whether you then end up supporting China, criticizing China,
1:37.2	or some mixture that's left to you. Okay, first of all, let's begin by saying it really is a phenomena what China has done.
1:49.2	It deserves everyone's awesome recognition of that fact. What do I mean? Well, it's this is the
1:59.4	greatest story of economic growth that we probably have in the history of the human race.
2:07.0	Here was a country over the last 70 years, the largest by population in the world,
2:17.4	with well over a billion and approaching a billion
2:20.3	and a half people in unspeakable poverty as little as 70 years ago, one of the great horror
2:30.0	stories of poverty in the world. And in those 70 years this country has raised a
2:38.0	billion or more of those people out of abject poverty and into the modern world.
2:47.0	With that size population that's never been done before.
2:51.9	If you take all of Europe together, which is a quarter of the population of China,
2:59.7	it took them two to three hundred years to do something comparable to the economic growth
3:06.0	record of China in 70 years. It is extraordinary.
	...

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