Richard Wolff Explains Chinese Economic Growth on Fault Lines

How did China get this level of economic and military power? Professor Richard Wolff joins Fault Lines to discuss China's economic growth and its impact on the United States economy.

"For the last 25 years, for the entirety of this new century, back into the 1990's, the following statement is true: Annual economic growth of the Chinese economy, and by that I mean the capacity to produce goods and services, grew, on average, between 6 and 9%, depending on how you count.

Over the exact same 25 year period, the average annual growth of the United States economy was between 2.5% and 3%. This is not a sustainable arrangement. You're going to catch up to the United States if you do anything remotely like that.

"No other country on this planet was able to grow the way the People's Republic of China has been able to grow over the last 25 years, even through the crash of 2008, which was bad in China, too, but not as bad as elsewhere."

Listen to the full interview on Fault Lines [@ 82:00]

 

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  • pasqual digesu
    commented 2020-05-28 08:56:41 -0400
    Perhaps they adapted to the use of capitalist enterprises and independent corporations to benefit their communist system while maintaining strict dominant control of them and capping their power and financial influence levels at all times under a more powerful government

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