Richard D. Wolff

Richard Wolff joins The Socialist Program to discuss Treasury Secretary Janet Yellen's trip to China and her focus on the so-called overcapacity issue, which the U.S. argues is China's production of too much in certain key economic areas. Wolff criticizes this complaint as a public relations tactic by the Biden administration, pointing out that many economies, including the U.S., have excess capacity, and that China's success in electric vehicles and other industries is due to their ability to produce large quantities efficiently. The Chinese strategy of developing extensive production capacity is a normal competitive strategy in capitalism and has been employed by successful U.S. companies historically. Wolff also touches on the debate about protectionist policies and argues that both free trade and protection can have complex and varying effects on the working class, suggesting that the real issue for the working class should be their relationship with the employer class. Lastly, he notes the shift from U.S. advocacy for free trade to protectionist policies, highlighting how China and other countries are adapting

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