It's not just China's rise. It's China 's rejuvenation to its previous stellar economic position prior to 1800 and in particular before the two Opium Wars and Japanese invasions. Even at the peak of China's financial and navigational prowess, History shows us that unlike Europe and the US, China had never adopted expansionist policies which embrace colonialism, overseas imperialism and exploitative capitalism.
Really? Ask the Tibetans, ask the people in East Turkestan ( the Uighurs) Ask the people of HongKong who are having Cantonese repressed. All the best from down under Lewis Sydney 🇦🇺
@@koganinja100 All you did was spew a bunch of anti China propaganda that has been debunked many times over. You hate them that much. When China’s economy rose up, it lifted and brought up Australia’s economy with it through trade. And brought greater prosperity to the Australian people. China is your largest trading partner and you decide to antagonize and demonize them to please the western powers. Makes no sense. The only driving factor I can see is race. But that is no surprise. Look what you did to your indigenous people.
@@koganinja100That's within what they consider their land or in their immediate territorial vicinty unlike the West with its shameful track record of f*cking around with indigenous people everywhere they have set foot. So, your point is total BS!!!
uygyurs were cia made to demonize china, bcs cia made uyghurs to pro USA, @@koganinja100 obviously any nation would see it as outside intervantion, so china deradicalized them. or do you want to have more cia made isis in Asia?
@@koganinja100blah blah blah all I can do is repeat western brainwashing anti China propaganda because I’m too insecure and dumb to think for myself blah blah blah
This dude is a genius, put him on the news every night instead of the negative brainwashing. I learned more in 13 minutes about this country then school even taught me mon. Legit person.
Absolutely. But our society, and western media. European countries and 🇺🇸 AMERICA'S media are all in BED, lying to the main population. Look at the example in GAZA, the more you looked into it, the more you know that you been lied to for over 75 years. SAD BUT TRUE 👍 God bless us. ( ALL ) not just a few. ❤
people like him make people smart and understand more about the reality. that's why people like him are suppressed and not presented in mainstream medias. they don't want people to be smart
@@Qnoeseternagenius my ass he craps out the same speech In All his blogs zero depth zero deep analysis if I was the dean of the university of Chicago I would retire this man pronto
Exactly what I say. China has a grow rate of 5% this year and the US and E.U. strive to avoid recession. And there are several countries waiting to become BRICS members. The difference is growing very fast.
Capital is not able to centralize fast enough under the current conditions, which means in order for capitalism to exist it must change the conditions. Which conditions? Mainly the obstacles keeping capital from centralizing, which is basically anything which opposes WW3.
I bet China will beat (western) expectations, China is quickly transitioning its economy into a high tech savvy one like Japan and Korea. No doubt China will overtake them too.
This is the lecture I was looking for, thank you Professor Wolff. I'm not looking for entertainment, I 'm looking for results. I will study this lecture.
*Conflict increases demand for and strengthens the USA dollar.* The dollar projected to collapse was forestalled by COVID with quantitative easing and stimulus checks¹ a thinly disguised printing of money. The _petro_ dollar is the obverse face of _conflict_ currency. Defense spending² evokes confidence and primes the economy. Western nations _need_ this war.
Much has been made of the size of Russia's GDP. That is irrelevant if it does not have to import goods from western nations. These nations frantically exchanging financial paper seem-to-be-seen to be surging ahead, but _are_ they? Or, are they just producing inflated numbers that provide an illusion of prosperity? Sanctions are having an effect similar to tariffs with capital now being invested internally instead of abroad. Vkusno & Tochka are doing brisk business.
There is little point in adding to the consumer goods fray in a market saturated with gadgets that is past the peak of the curve and is in decline. Both the USA and Russia import these kind of items from China. The former with the petro dollar and the latter with money from petroleum sales, each by presenting a different rendition of the same petro coin.
It makes little sense for Russia with its vast territory that is sparsely populated to emulate overcrowded nations with few resources.
In the final analysis, a nation needs _real_ material and _real_ food. Deliberately simulating densely populated conditions by holding land in short supply-as practiced in Canada-causes housing prices to skyrocket beyond reach in an unregulated financial market creating a cancerous tumor-like distortion of the economy. Russia has enormous resources and does not have to engage in monetary _Ponzi_ or to implement _Agenda 21_ in order to survive. Being a gas station, lumber yard, steel mill and granary may very well be the way forward.
¹ Quantitative easing and stimulus spending keep western nations afloat. A continuous transfusion delays death of the patient.
² Arms sales are a vital constituent of economic activity. Superior field performance of weaponry attracts new customers. This war will not end anytime soon.
³ Reserves depleted should Russia demand gold from western nations in payment for petroleum.
¹³ Russia’s debt: $300 billion. USA debt: $30 trillion (i.e., $30,000 billion) or one hundred times that of Russia.
We appreciate the session. God bless your heart. A prayer from a Muslim to the graceful friends of Community Church of Boston and a special Thanks to Professor Wolf.
What nonsense and rubbish. Why don't you pray to the god you believe in to fix all of the corruption and greed, the majority of which is made by males/men/he/him? Hell hath no fury like the male ego. Male violence, control & dominance. No one talks about that.
The professor is right, almost every sane person outside the US knows that the once mighty empire is on active self destruct mode, gaining momentum at amazing speed. I pray that Americans come to common sense to save themselves and the world.
The US could of done this around 1963. Jfk was planning on leading the US in the same manner. Reduce defense spending. End the CIA. Focus on development and trade like China is currently doing. Ever since JFK got assassinated. The US foreign policy has remained the same, following the cold war and prior ww2 design. War profiteering. All that money could of been spent on other industries and would of generated jobs. Now you hear the Neo cons claim the defense industry creates jobs and is good for the economy. It's nonsense. The US needs to invest in other industry. The defense spending is out of control and it's hurting US society and the world. The military industrial complex will not save humanity from global warming. The Chinese are working on renewable technology. The US should also be doing the same. Both countries need to work together and share research and innovation. The entire planet relies on it.
Not involved war or aggression ? - Tibet , East Turkestan…. Don’t for 100million dead Chinese through Mao alone, the Fa Lung Gung killed for their organs for profit, political prisoners forced to work to gain profits for exporters. I know of No Cambodians who praise the Khmer Rouge after the death of millions of their people yet I see Chinese praising the very party did the same to their relatives. Modern Chinese historical alzheimers astounding your own families were killed by these guys and no one remembers it? not even Tiananmen Square uprising and families charged 13c for the bullets to kill their loved ones or as mentioned Chinese Fa Lung Gung practitioners murdered now. Is it only foreigners who care about Chinese history and what this party has done? Please if you doubt me Google these things. Lewis Sydney
Really?? TIBET, KASHMIR vast swathes of many other countries!! That have nothing to do with HAN Chinese culture! China is a small country really it pretends to be big like the BRITISH pretended. Oh yes BTW the name China comes from Sanskrit - not a Chinese language but an Indian language
But....but...but...Tibet...but ..but....but..uyigursss......but....but....but...Hong Kong....we white men are the saviors of humanity....not rapists and pedophiles...
An extraordinary lecture on "where we are" in our World...... and where we may be going. Every person, especially our youth, should be asked to listen to this very important talk. Great respect to the Professor who I have been listening to for several years now.
Professor, this is one of your best presentations ever. You exhibit a broad range of philosophical, historical, and of course economic depth. This presentaion is a blunt force analysis. Thank you.
Sorry I stopped at about 29 minutes when he started to preach democracy. he was right about usa is going down. but he is not about democracy or the usa type of democracy. The biggest difference btw usa system and China system is that in the usa goverment is so lame. we all know that the government lied about iraq, spent our retirement and keep increasing the national debt to unbelievable number all in the name and legal procedures of democracy. yet we can not pin point who is responsible or which part of the procedure that causes it or how we can prevent them from happening in the future. the only thing we can do in the system is that every four years we have a chance to replace one moron with another but nothing is improving. but in Chinese system the government hears what their people want and do whatever that benefit their people. the system knows who is responsible for the mistakes that made and punish the ones who made mistakes and know how to and can fix problems. the reason usa is still standing is because elon musk, trump, facebook don't have democrocy in their business. they run like the Chinese government and know exactly what causes what and how to fix problems. also the Chinese believe they have a better form of democracy which really let their people monitor the government not by giving their media right of free lie like in usa and allowing stupid debates or free stupidity.
Love your church ⛪️ community … and thanks for the valuable guests you hosts .. I’m a Muslim and feel grateful for what you broadcast so far .. Merry Christmas 🎄 to everyone
God bless the rise of China and a multipolar world. The dying days of the decadent and destructive American empire are upon us. Hopefully, that transition ends peacefully. I see a brighter future for our planet. Thank You Professor Richar Wolff for being the loudest and most optimistic voice announcing that world-changing event.
@@donaldjoseph3903Marxist theory talks about giving greater power back to the people. It may not be perfect but unless you’re a billionaire what’s so weird that the majority population which are non-billionaire workers would want to think about equality in the workplace.
God bless rise of China - do you know Chinese history? CCP under Mao killed up to 100 million Chinese in revolution and cultural revolution same party in charge now. Invasion of Tibet 10.000 temples burned, countless ancient scrolls destroyed 1.2 million Tibetans killed , 5 million Han Chinese settled their over remnant 4 million Tibetans, deforestation, 5000 nomadic women forcibly sterilised per year.The CCP make ww2 Germany look like rank amateurs. Check out the murdering of Fa Lung Gung practitioners and selling of their organs. President Xi is a supporter of Mao and Mao’s picture is above Tiananmen Square. Don’t forget social credit card - those targeted lose their funds and stopped getting visas out. So learn your history before praising a country run by CCP. If you doubt me please research what I have said. All the best from down under Lewis Sydney Australia 🇦🇺
Richard Wolfe, you are a continual humbling joy to listen too. Thank you for even being on utube to share your astounding or/and outstanding years of experienced knowledge. (from little New Zealand )
This is an amazing synopsis that is true. I spent October in China on a business and cultural tour of the manufacturing cities. I realised how this economic miracle of merchant focussed enterprises occurred. It is a collective team energy that I had never witnessed before happening across government, work and family involving the prioritising of time to maximise achievement. This collective collaborative working is the real answer that employer/employees capitalism disregards. We see this playing out in BRICS+ too. Me 😊
not to mention how USA has been remiss/patently failed its people in allowing every company to direct all profits to the top percenters, zero to little raise in min wage, exponentially growing homeless & indigent due to that, the inability to make a living wage, & privatization of medical.....craven greed utter craven greed & the last admin happily beginning the fire sale while plundering the coffers/& selling off usa for parts
Thank you prof Wolff for a very clear analysis of the decline of the US economy. My fear however is that it would embark on WWIII before it's ultimate demise. This war has already started as is visible in the Ukraine and the Middle East.
@ronalddpippenaar2381. Very few empires have gone quietly into the night. There is usually one past big bang of the empire trying to reassert itself. I think as these trends the professor articulated start to accelerate, the more aggressive our leadership are going to be in trying to curb it. Unfortunately it seems every step they take seems to accelerate it even more. They have a few more proxy wars on the board I believe and if you pay close attention to what we're doing and where we're building military bases or who we're upping our military shipments too it is quite obvious where these potential future flash points are. We're probably going to try to push a conflict between China and the Philippines at one point. Another place which seems to be on the drawing board is a conflict between Greece and Turkey. The sheer amount of bases we're building in Greece is something no one is talking about.
World War 3 is inevitable- no ruling nation has ever yielded economic power and control to another without war. And when you consider the insane political leaders of America, then no doubt these imbeciles would rather commit suicide rather than share power with another nation other than westerners or a pawn such as Japan.
Excellent analysis of information from Dr. Wolff, as always, while many many Americans are living in a bubble and it’s about to burst. The average Americans are busy howling and cheering their favorite sports teams to win and staying ignorant. We live in extraordinary times of change/movement and the VAST majority of Americans are asleep.
Nobody is saying, what will Americans including Canada and British/Europe will look like for the average citizen after the collapse of the empire (lost of power)? They are only talking about the decline and breaking down what we are witnessing to better understand what is going on, which is good but it will help push the seriousness of the situation if they break down what will be faced afterwards.
@@aJarrowLad525 Am I???? Let's see... A little perspective on GDP as of 2021, Brics total is 25.47 vs 23.32 for the U.S.... add in Japan's 4.9 and you have a rough equivalence with a severe population imbalance of favoring the U.S....at 6 to 1. The U.S. still holds control of the financial mechanisms...and is both food and energy independent while both China and India are not. So while Wolff rants about "colonialism", there is no path to "equality" for China and India to meet its needs without pursuing the same path. As for foreign debt, China holds less than 1.5 trillion of the 7.5 trillion the U.S. owes and this is only 20% of the total debt, most of which is internal. As a result, Wolff's rant is one of moral posturing with very little practical value... as the problems are endemic for everyone at present, and the cause in the developed world stem from the "socialist" impulse that fuels the "posturing" neglecting the obvious reality that meeting that demand ( by governments ) is totally dependent on the "industrial production" of each nation since the revenue needed must come from the profits generated by them. The singular factor responsible for this is the financial manipulation driven by fiat currencies as it is responsible for most of the profit generated, yet is entirely non-productive in terms of output...driving de-industrialization in the process. ( and this system has been in place for almost a century but whose de jure realization didn't become obvious until 1971. although the actual effects are still not clear to the majority even as they begin to manifest themselves in real terms in the present. ) In both macro and micro effects, Wolff's message is completely useless...since it's factual accuracy does not survive closer examination and the victim, exploitation, and slavery narrative serves no one...as progress is not driven by democratic means but is largely resistant to it.
The BRICS nations are on the rise. We can't do anything about that. The WEST is on the decline. We can do something about that but we choose not too. It is easier for a politician to focus on nonsense rather than to get down to the hard work that is required.
Western politicians are like salesman. They make great sale pitch, but once you bought their product, it's junk! Where as China's politicians are like doctors, engineers, lawyers. They are trained to do a specific job and are the best in their respective career. See the difference?
Thanks for this excellent video & Thanks to Professor Wolff, our top global Economics Specialist, Spot on,excellent presentation, in this rapidly changing World, where we see American socio-economic failure.
This is the most comprehensive forecast I've heard from Prof. Wolff which is not to say he's always completely clear with whatever ideas he's discussing.
I really appreciate how Dr. Wolff breaks down Economics and power and very concrete tennets of systems in a way that everyone can understand. Lessons EVERY American can understand
Professor Wolfe as always with his unique yet clear style conveys what is the real issue at hand. Do we want peace and prosperity for all or the status quo. There is no doubt where the world is going but will the hegemon allow a peaceful transition or a 'thrilla in Manila' where blood runs in the streets. So far a bloody path is enroute..
I love Dr. Wolf’s analysis! I would add that as long as there is no change in the hearts & minds of people found in the statement: Love your fellow being as you love yourself, it will not happen!❤❤❤
My first lecture on the internet was Dr. Wolff. Ten years later I have lived his warnings. The powers in charge would have rather labelled Dr. Wolff when they should have been listening.
Great stuff - Wolfe predicted so much that is happening now years ago. The closing song was cool - late 60s folk hippie vibe with meaning in the lyrics.
China rise is literally inevitable, unstoppable and avoidable, which is deeply rooted and engrained into the history, culture and civilization of China. Proud to be part of this profound and phenomenal journey.
The first time the phrase “human animal” was recorded in history was by Himmler in WW2, 1943 he literally said “we have to be savages in a chapter that will never be written when treating human animals”, even their calculating of calories was also done " There were no No Attacks on civilians the 7th. Just collateral. 500/1200-1300 (they keep magically decreasing) were soldiers. Out of 769 names, 462 military (55 soldiers, 13 privates, 59 corporals, 200 sergeants of whom 45 are sergeants majors, 48 commanders, 32 lieutenants, 5 lieutenant colonels, 6 colonels, 13 captains, 37 officers, 10 inspectors, 6 intendents, 2 Lance Corp). It was a Military defeat, they are taking it out on the rest. - analysis of datasheet from haaraetz
The other problem with getting all upset with the Oct 7th Hamas offensive is that Israel has been killing and ethnically cleansing Palestinian civilians for decades. Why is killing civilians suddenly such a bad thing when Hamas does it instead of Israel? Yeah? The further truth is that Israel has no right to exist and no right to defend itself. The reason I can say this with such confidence is because Israel does not respect the rights of Palestinians to choose their own government or own their own property. If Israel isn't going to abide by the human rights ethic then that is Israel's criminal choice. That's a inhumane choice Israel makes by stealing on a national scale and using apartheid and genocide to enforce their thefts. Since that is the choice Israel made, Israel doesn't get to whine about Israel's rights. Israel is a criminal state set up with ethnic cleansing and continued with genocide. Israel has no rights anymore than Germany had rights when it became a criminal state. Again, why should Israel get a pass on behaving with basic humanity? So, Israeli Zionist began by ethnically cleansing the region they took over so that they could have a Jewish "democracy". Can't have a Jewish democracy in a land that is 90% Arab/Muslim. Even after running 750,000 Palestinians off Palestinian land and property at gunpoint, Israeli find themselves outnumbered by Palestinians. Which is why we have the concentration camp called Gaza. This has been the most honest and even handed discussion of Israel that you will ever find anywhere. It's just that Israel is really bad. Just like what the USA did to Indians and slaves was really bad. I'm just saying it is bad while it happens, instead of waiting a hundred and fifty years for the educational system to clean out all the vested partisans and produce an objective historian...
If you wanna think that was true, then you must be a white supremacist lol...the Europeans & Americans were rarely the “first” in anything. Human history is a chain of conquest, hatred, & suffering. The question is what can we do about it today? The Americans have not been very good custodians, perhaps having spread more hatred than love
December 31, 2023. Undoubtedly, I agree 100% with the U.S. political analyst, Mr. Richard Wolfe, that America is on verge of decline losing its status as superpower, most probably being replaced with the people’s republic of China as the new superpower. This is all due to the faulty, bad and reckless policies by the various federal American governments of the U.S. over the last four decades. Take Care. Regards Sandeep R. Sehgal😁😁
Wow!! Dr. Wolff was fantastic, as always, and his comments were BEAUTIFULLY accented by performer at the end. I wish someone like Sprinstein, Jewel, etc, would take on that song... it was so inspiring and PHENOMENAL!!
Professor Wolff I sincerely admire and feel most grateful for your magnanimous share of knowledge. Your articulate and presentation, though within the confine of the three dimensions, viz., length, breadth and depth, certainly left us an enormous impact and a lingering desire for more
The vast chasm that exists between the "common good", the viability of the whole human enterprise and the Earth itself, compared to the narrow interests of the grasping monied few, is the heart of the human dilemma. Ultimately it boils down to a cosmic battle between Greed and Wisdom.
The other fundamentals questions are: 1) How much wealth is enough for today's barons? 2) Is that accumulation of wealth worthy of the risks that accompany the inequality that it generates and showcases?
You forgot to mention the weakening of the petrodollar which fuels the military power of the U.S. Countries listen to The U.S. mainly because of the U.S. military power.
Btw ... I worked with China for over a decade up until the tariffs on small American business2019. I've never had more loyal suppliers that gave me more options honesty & would send anything with 20% down wonderful people! Choose qualities choose logistics dropship experts! We got hit with a governmental non-compete basically😂 smh
As I understand workers in China have real pride in their work enough to find in success based on their own merits not on how others successes can be destroyed. This attitude makes the patent/copyright system less dominant?
I appreciate Professor Wolff. There are a couple of problems with the Democracy at Work idea: 1) Automation is rapidly replacing human labor. The rate of this replacement is skyrocketing. Human beings are being priced out of the labor market, making democracy at work a moot point. 2) Not only the workplace is on the way out, but our very notion of what an economy is will change within the next fifty years as fewer and fewer humans can muster the requisite talent to compete with AI in the workplace. I agree that we should despise the authoritarian consequences of market economies. The goodish news is that the market economies are working night and day to make themselves obsolete as they strive to lower labor costs with automation. The transition to the new lifestyle and worldview is bound to be rough. Is rough. But then authoritarian market economies have been no June picnic... Especially if you look at it from the POV of the poverty stricken that market economies create in much larger numbers than they do rich people or the middle class.
I would disagree with point 1. AI isn't capable of solving the need of the worker at this point and how its implementation is starting to take shape is mostly in that it's flattening the curve of productivity between the highest paid employees and the lowest. It cannot replace a worker altogether and I doubt it ever will. Our iteration of it now is very simply put, very sophisticated plagiarism. BRICS and its partnering nations are subscribing to new Capitalism. I don't think your preposition that the complexion of what we use to organize ourselves economically is going through any type of renaissance, because the future is suggesting more of the same. I don't see the concept of money showing any signs of slowing.
If workers had power they could decide how much automation and AI they wanted to integrate into their businesses. So it's a bit of a circular argument, though we are on that trajectory unless worker movements change the game.
AI and Robots are just a new automation machine. It will have an effect on labor of course. But it also may provide the exact opportunities that can make cooperative companies be feasible. I will give one example being that I worked in furniture market/industry. In the 1990‘s furniture companies liquidated their factories and put sourced to China and Southeast Asia. What would it have been like if workers understood and were prepared for cooperative industry and they had the right of first refusal? They could easily have competed with the outsource industry with less transportation costs and no share holders taking their surplus labor. Over these last few decades however some very interesting digital technologies were developed and became more affordable and new cottage industries are emerging. For example in Computers controlled routers, SD printers, laser printing, all make it possible for small scale companies to emerge. If designers and furniture craft persons united into cooperatives right now there would be many opportunities for them to thrive as producers. AI and Robots will not make work obsolete for a long time, it will make some tasks obsolete.
It's just not automation, they've taken all the manufacturing overseas. After the Crash of 1987, the recession after, and the globalization that started in the early 1990's this has been the trend. I lived through this and I remember it. First, they rammed through NAFTA. Nearing the end of George Bush's term some lady reporter asked him about the state of the economy when he practically screamed out ' There's nothing a President can do about the economy - it's just got to work it's way out ! ' This was in 1992; I wished I would have taped it.
Dr. Wolff is a great humanitarian economist, so far beyond the usual apologists for the capitalist status quo of hierarchy with the working class of the world exploited by their capitalist masters. One point he is missing however is a large section of the population is authoritarian in nature. These are people that accept hierarchy as "just the way it is" and accept their subordinate position in the hierarchy. Trying to get these people to become their own bosses in a cooperative arrangement might prove difficult. Many of them prefer to be told what to do rather than to bear the responsibility of thinking for themselves. Might they be able to change? Perhaps.
![Understanding Marxism: Q&A with Richard D. Wolff [June 2019]](http://i.ytimg.com/vi/eU-AkeOyiOQ/mqdefault.jpg)
It's not just China's rise. It's China 's rejuvenation to its previous stellar economic position prior to 1800 and in particular before the two Opium Wars and Japanese invasions. Even at the peak of China's financial and navigational prowess, History shows us that unlike Europe and the US, China had never adopted expansionist policies which embrace colonialism, overseas imperialism and exploitative capitalism.
Really?
Ask the Tibetans, ask the people in East Turkestan ( the Uighurs)
Ask the people of HongKong who are having Cantonese repressed.
All the best from down under
Lewis
Sydney 🇦🇺
@@koganinja100 All you did was spew a bunch of anti China propaganda that has been debunked many times over. You hate them that much. When China’s economy rose up, it lifted and brought up Australia’s economy with it through trade. And brought greater prosperity to the Australian people. China is your largest trading partner and you decide to antagonize and demonize them to please the western powers. Makes no sense. The only driving factor I can see is race. But that is no surprise. Look what you did to your indigenous people.
@@koganinja100That's within what they consider their land or in their immediate territorial vicinty unlike the West with its shameful track record of f*cking around with indigenous people everywhere they have set foot. So, your point is total BS!!!
uygyurs were cia made to demonize china, bcs cia made uyghurs to pro USA, @@koganinja100 obviously any nation would see it as outside intervantion, so china deradicalized them. or do you want to have more cia made isis in Asia?
@@koganinja100blah blah blah all I can do is repeat western brainwashing anti China propaganda because I’m too insecure and dumb to think for myself blah blah blah
This dude is a genius, put him on the news every night instead of the negative brainwashing. I learned more in 13 minutes about this country then school even taught me mon. Legit person.
Absolutely. But our society, and western media. European countries and 🇺🇸 AMERICA'S media are all in BED, lying to the main population. Look at the example in GAZA, the more you looked into it, the more you know that you been lied to for over 75 years. SAD BUT TRUE 👍 God bless us. ( ALL ) not just a few. ❤
people like him make people smart and understand more about the reality. that's why people like him are suppressed and not presented in mainstream medias. they don't want people to be smart
That's PRECISELY WHY he is not going to be beckon forward by the establishment.
@@Qnoeseternagenius my ass he craps out the same speech In All his blogs zero depth zero deep analysis if I was the dean of the university of Chicago I would retire this man pronto
@@genelarson6849 Hi, I think you're trying to deny reality. Sorry.
I've listened to quite a bit of Prof. Wolff and this is one of his best
Your are magnificent doctor Wolff! Gracias !
Exactly what I say. China has a grow rate of 5% this year and the US and E.U. strive to avoid recession. And there are several countries waiting to become BRICS members. The difference is growing very fast.
Well as long as they don't surpass the United States. Because if they do it's over for everything and everyone.
Who's figures the Chinese 😂😂😂
Capital is not able to centralize fast enough under the current conditions, which means in order for capitalism to exist it must change the conditions. Which conditions? Mainly the obstacles keeping capital from centralizing, which is basically anything which opposes WW3.
I bet China will beat (western) expectations, China is quickly transitioning its economy into a high tech savvy one like Japan and Korea. No doubt China will overtake them too.
Professor Wolf is absolutely spot on. Excellent presentation.
AMEN. such a relief to hear the truth.
This is the lecture I was looking for, thank you Professor Wolff. I'm not looking for entertainment, I 'm looking for results. I will study this lecture.
*Conflict increases demand for and strengthens the USA dollar.* The dollar projected to collapse was forestalled by COVID with quantitative easing and stimulus checks¹ a thinly disguised printing of money. The _petro_ dollar is the obverse face of _conflict_ currency. Defense spending² evokes confidence and primes the economy. Western nations _need_ this war.
Much has been made of the size of Russia's GDP. That is irrelevant if it does not have to import goods from western nations. These nations frantically exchanging financial paper seem-to-be-seen to be surging ahead, but _are_ they? Or, are they just producing inflated numbers that provide an illusion of prosperity? Sanctions are having an effect similar to tariffs with capital now being invested internally instead of abroad. Vkusno & Tochka are doing brisk business.
There is little point in adding to the consumer goods fray in a market saturated with gadgets that is past the peak of the curve and is in decline. Both the USA and Russia import these kind of items from China. The former with the petro dollar and the latter with money from petroleum sales, each by presenting a different rendition of the same petro coin.
It makes little sense for Russia with its vast territory that is sparsely populated to emulate overcrowded nations with few resources.
In the final analysis, a nation needs _real_ material and _real_ food. Deliberately simulating densely populated conditions by holding land in short supply-as practiced in Canada-causes housing prices to skyrocket beyond reach in an unregulated financial market creating a cancerous tumor-like distortion of the economy. Russia has enormous resources and does not have to engage in monetary _Ponzi_ or to implement _Agenda 21_ in order to survive. Being a gas station, lumber yard, steel mill and granary may very well be the way forward.
¹ Quantitative easing and stimulus spending keep western nations afloat. A continuous transfusion delays death of the patient.
² Arms sales are a vital constituent of economic activity. Superior field performance of weaponry attracts new customers. This war will not end anytime soon.
³ Reserves depleted should Russia demand gold from western nations in payment for petroleum.
¹³ Russia’s debt: $300 billion. USA debt: $30 trillion (i.e., $30,000 billion) or one hundred times that of Russia.
You called inclusion is the only way forward.
A breath of fresh air in contrast to the "narrative" of the MSM. Great presentation Prof. Wolff.
We appreciate the session. God bless your heart. A prayer from a Muslim to the graceful friends of Community Church of Boston and a special Thanks to Professor Wolf.
Thank you again Prof. the world will be a better place with your insights. God Bless u
What nonsense and rubbish. Why don't you pray to the god you believe in to fix all of the corruption and greed, the majority of which is made by males/men/he/him? Hell hath no fury like the male ego. Male violence, control & dominance. No one talks about that.
The professor is right, almost every sane person outside the US knows that the once mighty empire is on active self destruct mode, gaining momentum at amazing speed. I pray that Americans come to common sense to save themselves and the world.
It's already in the making. It's Africa that is going to bring balance to the world.
Nov ' 24 NOPE
The speed of China’s rise is impressive, and more importantly, China’s rise has not involved war aggression and colonial plunder.
The US could of done this around 1963. Jfk was planning on leading the US in the same manner. Reduce defense spending. End the CIA. Focus on development and trade like China is currently doing. Ever since JFK got assassinated. The US foreign policy has remained the same, following the cold war and prior ww2 design. War profiteering. All that money could of been spent on other industries and would of generated jobs. Now you hear the Neo cons claim the defense industry creates jobs and is good for the economy. It's nonsense. The US needs to invest in other industry. The defense spending is out of control and it's hurting US society and the world. The military industrial complex will not save humanity from global warming.
The Chinese are working on renewable technology. The US should also be doing the same. Both countries need to work together and share research and innovation. The entire planet relies on it.
Not involved war or aggression ? - Tibet , East Turkestan….
Don’t for 100million dead Chinese through Mao alone, the Fa Lung Gung killed for their organs for profit, political prisoners forced to work to gain profits for exporters.
I know of No Cambodians who praise the Khmer Rouge after the death of millions of their people yet I see Chinese praising the very party did the same to their relatives.
Modern Chinese historical alzheimers astounding your own families were killed by these guys and no one remembers it?
not even Tiananmen Square uprising and families charged 13c for the bullets to kill their loved ones or as mentioned Chinese Fa Lung Gung practitioners murdered now.
Is it only foreigners who care about Chinese history and what this party has done?
Please if you doubt me Google these things.
Lewis
Sydney
Really?? TIBET, KASHMIR vast swathes of many other countries!! That have nothing to do with HAN Chinese culture! China is a small country really it pretends to be big like the BRITISH pretended. Oh yes BTW the name China comes from Sanskrit - not a Chinese language but an Indian language
But....but...but...Tibet...but
..but....but..uyigursss......but....but....but...Hong Kong....we white men are the saviors of humanity....not rapists and pedophiles...
China is different. Nation building since the Ming Dynasty.
Thank you profesor Wolf , we truly apreaciate all the effort to keep us well informed .
God bless you and a very Happy New Year !
An extraordinary lecture on "where we are" in our World...... and where we may be going. Every person, especially our youth, should be asked to listen to this very important talk. Great respect to the Professor who I have been listening to for several years now.
Professor, this is one of your best presentations ever. You exhibit a broad range of philosophical, historical, and of course economic depth. This presentaion is a blunt force analysis. Thank you.
Sorry I stopped at about 29 minutes when he started to preach democracy. he was right about usa is going down. but he is not about democracy or the usa type of democracy. The biggest difference btw usa system and China system is that in the usa goverment is so lame. we all know that the government lied about iraq, spent our retirement and keep increasing the national debt to unbelievable number all in the name and legal procedures of democracy. yet we can not pin point who is responsible or which part of the procedure that causes it or how we can prevent them from happening in the future. the only thing we can do in the system is that every four years we have a chance to replace one moron with another but nothing is improving. but in Chinese system the government hears what their people want and do whatever that benefit their people. the system knows who is responsible for the mistakes that made and punish the ones who made mistakes and know how to and can fix problems. the reason usa is still standing is because elon musk, trump, facebook don't have democrocy in their business. they run like the Chinese government and know exactly what causes what and how to fix problems. also the Chinese believe they have a better form of democracy which really let their people monitor the government not by giving their media right of free lie like in usa and allowing stupid debates or free stupidity.
thank you prof Richard.. your INSIGHTS will blend the world for the better.. God bless you
Love your church ⛪️ community … and thanks for the valuable guests you hosts .. I’m a Muslim and feel grateful for what you broadcast so far .. Merry Christmas 🎄 to everyone
Inestimable. Compelling energy & clarity. There is some hope with voices like Rich Wolff.
God bless the rise of China and a multipolar world. The dying days of the decadent and destructive American empire are upon us. Hopefully, that transition ends peacefully. I see a brighter future for our planet. Thank You Professor Richar Wolff for being the loudest and most optimistic voice announcing that world-changing event.
He is a Marxian economist.. a very small and weird minority group in US..
I agree! It truly helps to have some lucid thinkers like professor Wolff around! Kudos!
@@donaldjoseph3903Marxist theory talks about giving greater power back to the people. It may not be perfect but unless you’re a billionaire what’s so weird that the majority population which are non-billionaire workers would want to think about equality in the workplace.
God bless rise of China - do you know Chinese history?
CCP under Mao killed up to 100 million Chinese in revolution and cultural revolution same party in charge now.
Invasion of Tibet 10.000 temples burned, countless ancient scrolls destroyed 1.2 million Tibetans killed , 5 million Han Chinese settled their over remnant 4 million Tibetans, deforestation, 5000 nomadic women forcibly sterilised per year.The CCP make ww2 Germany look like rank amateurs.
Check out the murdering of Fa Lung Gung practitioners and selling of their organs.
President Xi is a supporter of Mao and Mao’s picture is above Tiananmen Square.
Don’t forget social credit card - those targeted lose their funds and stopped getting visas out.
So learn your history before praising a country run by CCP.
If you doubt me please research what I have said.
All the best from down under
Lewis
Sydney
Australia 🇦🇺
China doesn't recognise God. Be careful what you pray for.
Absolutely excellent! Gives me hope knowing there is someone out there that can see what is happening to our great country.
Richard Wolfe, you are a continual humbling joy to listen too. Thank you for even being on utube to share your astounding or/and outstanding years of experienced knowledge. (from little New Zealand )
Thank you, Prof. Wolff. I've always enjoyed your lectures/views ever since I first came across your TH-cam videos.
A smile to see you again!
Prof..Wolff is a Nobel Prize Laureate economics professor
This is an amazing synopsis
that is true.
I spent October in China
on a business and cultural tour of the manufacturing cities.
I realised how this economic miracle of merchant
focussed enterprises occurred.
It is a collective team energy that I had never witnessed before happening across government, work and family involving the prioritising of time to maximise achievement.
This collective collaborative working is the real answer that employer/employees capitalism disregards.
We see this playing out in BRICS+ too.
Me 😊
But what about both entities arguably leading us all towards a over arching goal of a technocratic order surveillance state and global governance
not to mention how USA has been remiss/patently failed its people in allowing every company to direct all profits to the top percenters, zero to little raise in min wage, exponentially growing homeless & indigent due to that, the inability to make a living wage, & privatization of medical.....craven greed utter craven greed & the last admin happily beginning the fire sale while plundering the coffers/& selling off usa for parts
Thank you for a clear talk. Everyone needs to listen to it!!!
Thank you professor for trying to save the American people from a disastrous end of their sleep walk.
Thank you for the truth.
It's the least that we can expect in this era.
This was raw and rugged ... thanks for your honest analysis, spot on. God bless
The rug will be a rug pull for anyone who bets against the us and the dollar.
The most brilliant and relevant oratory I have ever witnessed by Professor Wolff. Absolutely inspired.
Dr. Wolf is on the top of the game
Thank you prof Wolff for a very clear analysis of the decline of the US economy.
My fear however is that it would embark on WWIII before it's ultimate demise. This war has already started as is visible in the Ukraine and the Middle East.
Oh it's going to happen.
@ronalddpippenaar2381.
Very few empires have gone quietly into the night. There is usually one past big bang of the empire trying to reassert itself.
I think as these trends the professor articulated start to accelerate, the more aggressive our leadership are going to be in trying to curb it. Unfortunately it seems every step they take seems to accelerate it even more.
They have a few more proxy wars on the board I believe and if you pay close attention to what we're doing and where we're building military bases or who we're upping our military shipments too it is quite obvious where these potential future flash points are.
We're probably going to try to push a conflict between China and the Philippines at one point. Another place which seems to be on the drawing board is a conflict between Greece and Turkey. The sheer amount of bases we're building in Greece is something no one is talking about.
A peaceful co existence and a love for humanity can avoid WWIII. We simply cannot encircle United States, Russia and China.
World War 3 is inevitable- no ruling nation has ever yielded economic power and control to another without war. And when you consider the insane political leaders of America, then no doubt these imbeciles would rather commit suicide rather than share power with another nation other than westerners or a pawn such as Japan.
Pray tell...if the analysis is clear, what are its clear CAUSES?????
Excellent analysis of information from Dr. Wolff, as always, while many many Americans are living in a bubble and it’s about to burst. The average Americans are busy howling and cheering their favorite sports teams to win and staying ignorant. We live in extraordinary times of change/movement and the VAST majority of Americans are asleep.
Totally agree 👍 .
Nobody is saying, what will Americans including Canada and British/Europe will look like for the average citizen after the collapse of the empire (lost of power)? They are only talking about the decline and breaking down what we are witnessing to better understand what is going on, which is good but it will help push the seriousness of the situation if they break down what will be faced afterwards.
Mr Wolffe is a very clever man and I agreed with everything he said
Thank you profesor Wolf. I think you lecture gave the best summary on current state of affairs, that i have heard.
Thank you Prof. Wolf. I really enjoyed your awareness and I am shocked by majority of the details you've provided.
and you have verified the "details" are correct by what means?
@@jgalt308Have you?
@@sr-gc6vh Obviously ...and at every available opportunity.
@@jgalt308a rather foolish comment Are you misinformed?
@@aJarrowLad525 Am I???? Let's see...
A little perspective on GDP as of 2021, Brics total is 25.47 vs 23.32 for the U.S....
add in Japan's 4.9 and you have a rough equivalence with a severe population
imbalance of favoring the U.S....at 6 to 1.
The U.S. still holds control of the financial mechanisms...and is both food and energy
independent while both China and India are not.
So while Wolff rants about "colonialism", there is no path to "equality" for China and India
to meet its needs without pursuing the same path.
As for foreign debt, China holds less than 1.5 trillion of the 7.5 trillion the U.S. owes
and this is only 20% of the total debt, most of which is internal.
As a result, Wolff's rant is one of moral posturing with very little practical value...
as the problems are endemic for everyone at present, and the cause in the developed world
stem from the "socialist" impulse that fuels the "posturing" neglecting the obvious
reality that meeting that demand ( by governments ) is totally dependent
on the "industrial production" of each nation since the revenue needed must come from the
profits generated by them.
The singular factor responsible for this is the financial manipulation driven by fiat currencies
as it is responsible for most of the profit generated, yet is entirely non-productive in
terms of output...driving de-industrialization in the process. ( and this system has been in place
for almost a century but whose de jure realization didn't become obvious until 1971.
although the actual effects are still not clear to the majority even as they begin to manifest
themselves in real terms in the present. )
In both macro and micro effects, Wolff's message is completely useless...since it's factual
accuracy does not survive closer examination and the victim, exploitation, and slavery narrative serves
no one...as progress is not driven by democratic means but is largely resistant to it.
Many, Many Thanks to professor Wolf👍
Puke
The BRICS nations are on the rise. We can't do anything about that. The WEST is on the decline. We can do something about that but we choose not too. It is easier for a politician to focus on nonsense rather than to get down to the hard work that is required.
Western politicians are like salesman. They make great sale pitch, but once you bought their product, it's junk! Where as China's politicians are like doctors, engineers, lawyers. They are trained to do a specific job and are the best in their respective career. See the difference?
Too late now. U.S. has lived in a state of denial and indulgence for too long
Thanks for this excellent video & Thanks to Professor Wolff, our top global Economics Specialist, Spot on,excellent presentation, in this rapidly changing World, where we see American socio-economic failure.
Excellent deliberation. Thank you, Prof Wolf.
This is the most comprehensive forecast I've heard from Prof. Wolff which is not to say he's always completely clear with whatever ideas he's discussing.
I'm sorry but what was that forecast exactly?
Love Wolffy he is always a true pleasure to hear speak, I wish I could be a student on one of the classes he teaches
Great analysis, especially of the competing economic blocks in Ukraine and Gaza. May justice prevail!
This year is challenge jeans of all new times. I hear and repeat Richard Wolff programs which are very new in approach to us
I really appreciate how Dr. Wolff breaks down Economics and power and very concrete tennets of systems in a way that everyone can understand. Lessons EVERY American can understand
What an eye opening lecture from Prof Wolff!
Professor Wolfe as always with his unique yet clear style conveys what is the real issue at hand. Do we want peace and prosperity for all or the status quo. There is no doubt where the world is going but will the hegemon allow a peaceful transition or a 'thrilla in Manila' where blood runs in the streets. So far a bloody path is enroute..
Master i am from Boston too,thank you for have pantalones 👖 to tell the truth to the North America people, i have a lot respect for you.Master 💪🏾🇵🇷🇵🇸
I was engrossed at what you say , was uplifting and so so true. God bless you! Mary Robb
In what sense have you been "uplifted"?
Absolutely stunning presentation to the reality in which we live, thanks Professor Wolf!
I love Dr. Wolf’s analysis! I would add that as long as there is no change in the hearts & minds of people found in the statement: Love your fellow being as you love yourself, it will not happen!❤❤❤
thank you Professor R.Wolff . like always great lecture .
Thanks a lot Mr. Wolff!! I always stop and listen when ever I come across you speaking online. 😎👍
My first lecture on the internet was Dr. Wolff. Ten years later I have lived his warnings. The powers in charge would have rather labelled Dr. Wolff when they should have been listening.
Great stuff - Wolfe predicted so much that is happening now years ago.
The closing song was cool - late 60s folk hippie vibe with meaning in the lyrics.
China rise is literally inevitable, unstoppable and avoidable, which is deeply rooted and engrained into the history, culture and civilization of China. Proud to be part of this profound and phenomenal journey.
China has no more political chaos after june 6 1989
Before that China has 150 years of political chaos n war
Thank you profesor Wolff , we truly apreciate this New Year speech...God bless you and a very Happy New Year !
Thank you Prof Wolf. If the BRICS nations treat their citizens better than the USA & UK I hope they succeed.
You are really a teacher. Even, illiterates can comprehend any topic you teach. ❤
U ok friend? ..Oh nm ur probably fine🤙
If democracy is such a great idea why does it exist where you go to sleep and not where you go to work. Pure intellect.
Some years go, the Kelloggs company rolled out it's achievements.
A notable one was moving the production of Cornflakes manufacture to Mexico.
Now I understand the world and its economy. Thank you Professor Wolf for this lecture.
Getting economic news from a socialist is laughable
The first time the phrase “human animal” was recorded in history was by Himmler in WW2, 1943 he literally said “we have to be savages in a chapter that will never be written when treating human animals”, even their calculating of calories was also done
"
There were no No Attacks on civilians the 7th. Just collateral.
500/1200-1300 (they keep magically decreasing) were soldiers. Out of 769 names, 462 military (55 soldiers, 13 privates, 59 corporals, 200 sergeants of whom 45 are sergeants majors, 48 commanders, 32 lieutenants, 5 lieutenant colonels, 6 colonels, 13 captains, 37 officers, 10 inspectors, 6 intendents, 2 Lance Corp). It was a Military defeat, they are taking it out on the rest.
- analysis of datasheet from haaraetz
The other problem with getting all upset with the Oct 7th Hamas offensive is that Israel has been killing and ethnically cleansing Palestinian civilians for decades. Why is killing civilians suddenly such a bad thing when Hamas does it instead of Israel?
Yeah?
The further truth is that Israel has no right to exist and no right to defend itself. The reason I can say this with such confidence is because Israel does not respect the rights of Palestinians to choose their own government or own their own property. If Israel isn't going to abide by the human rights ethic then that is Israel's criminal choice. That's a inhumane choice Israel makes by stealing on a national scale and using apartheid and genocide to enforce their thefts. Since that is the choice Israel made, Israel doesn't get to whine about Israel's rights. Israel is a criminal state set up with ethnic cleansing and continued with genocide. Israel has no rights anymore than Germany had rights when it became a criminal state.
Again, why should Israel get a pass on behaving with basic humanity?
So, Israeli Zionist began by ethnically cleansing the region they took over so that they could have a Jewish "democracy". Can't have a Jewish democracy in a land that is 90% Arab/Muslim. Even after running 750,000 Palestinians off Palestinian land and property at gunpoint, Israeli find themselves outnumbered by Palestinians.
Which is why we have the concentration camp called Gaza.
This has been the most honest and even handed discussion of Israel that you will ever find anywhere. It's just that Israel is really bad. Just like what the USA did to Indians and slaves was really bad. I'm just saying it is bad while it happens, instead of waiting a hundred and fifty years for the educational system to clean out all the vested partisans and produce an objective historian...
I call it humanimal
If you wanna think that was true, then you must be a white supremacist lol...the Europeans & Americans were rarely the “first” in anything. Human history is a chain of conquest, hatred, & suffering. The question is what can we do about it today? The Americans have not been very good custodians, perhaps having spread more hatred than love
December 31, 2023. Undoubtedly, I agree 100% with the U.S. political analyst, Mr. Richard Wolfe, that America is on verge of decline losing its status as superpower, most probably being replaced with the people’s republic of China as the new superpower. This is all due to the faulty, bad and reckless policies by the various federal American governments of the U.S. over the last four decades. Take Care. Regards Sandeep R. Sehgal😁😁
Richard Wolff telling it like it is, as usual.
I so love the song at the end. Mastery of story telling with music and a perfect accompaniment to the message Wolff presented.
Wow!! Dr. Wolff was fantastic, as always, and his comments were BEAUTIFULLY accented by performer at the end. I wish someone like Sprinstein, Jewel, etc, would take on that song... it was so inspiring and PHENOMENAL!!
Greetings from Costa Rica 🇨🇷 / such a clear explanation! Thx
Thanks Mr Wolff for your honesty .Close you eyes to the facts dont make them go away .
Zinn, Chomsky, Wolff, Hedges, West. All heroes of mine.
Professor Wolff
I sincerely admire and feel most grateful for your magnanimous share of knowledge. Your articulate and presentation, though within the confine of the three dimensions, viz., length, breadth and depth, certainly left us an enormous impact and a lingering desire for more
The vast chasm that exists between the "common good", the viability of the whole human enterprise and the Earth itself, compared to the narrow interests of the grasping monied few, is the heart of the human dilemma. Ultimately it boils down to a cosmic battle between Greed and Wisdom.
The US government should study this presentation several times.
Nah, they want war...it's their bread and butter at the expense of us poor folks!
another great thinker Jeffrey Sachs
The other fundamentals questions are:
1) How much wealth is enough for today's barons?
2) Is that accumulation of wealth worthy of the risks that accompany the inequality that it generates and showcases?
Professor.You're absolutely excellent.
Roman empire ran out of money couldnt pay their soldiers abroad. So they pack up and went home. Could this happen to America.
Great stream
Saludos a Richarf Wolff. Es una Gran Verdad la que expresa al afirmar que el Imperio de E.U. esta' Declinando ( cayendo ).
Thank You Sir==========AAA+++Bedford, Texas
Thanks for the enlightenment
Proff Wolf !!
But in a democracy, why do the people choose this path?
Prof Richard Wolff is the light of what is happening with our money
Thank you. Unfortunately the working class is fast asleep and LOVES bread and circuses
P O W E R F U L
The part about Democracy.....ASTOUNDING! 😮
You forgot to mention the weakening of the petrodollar which fuels the military power of the U.S. Countries listen to The U.S. mainly because of the U.S. military power.
What will they do with all the military when they stand down
Thanks Prof Wolff, for your deep and honest insight into the current situation !!
Norm is such a fool
Believing this coward makes you a fool
I cannot tolerate who violates and I fallow the true only thanks for your service support sir
Btw ... I worked with China for over a decade up until the tariffs on small American business2019. I've never had more loyal suppliers that gave me more options honesty & would send anything with 20% down wonderful people! Choose qualities choose logistics dropship experts! We got hit with a governmental non-compete basically😂 smh
As I understand workers in China have real pride in their work enough to find in success based on their own merits not on how others successes can be destroyed. This attitude makes the patent/copyright system less dominant?
Sounds like he was almost comparing BRICS to the Comintern, absolutely wild. I rate it
fantastic talk!
Sounds good. I’m past 60 now. I’ve heard these songs before. They were already singing them when I was a kid . They didn’t take.
Who was that singer musician? Such passion. Great song. And he performed it so beautifully!
His name is Dean Stevens!
Yes the song was just beautiful and the singer performed very well. We appreciate it very much.
Love you Richard this is coming to past and you are on the right side of history.
Great speech! Great song! Thank you gentlemen for this wonderful video!❤❤❤
Watching from south africai like how you explaine.well said.❤
I appreciate Professor Wolff. There are a couple of problems with the Democracy at Work idea:
1) Automation is rapidly replacing human labor. The rate of this replacement is skyrocketing. Human beings are being priced out of the labor market, making democracy at work a moot point.
2) Not only the workplace is on the way out, but our very notion of what an economy is will change within the next fifty years as fewer and fewer humans can muster the requisite talent to compete with AI in the workplace.
I agree that we should despise the authoritarian consequences of market economies. The goodish news is that the market economies are working night and day to make themselves obsolete as they strive to lower labor costs with automation.
The transition to the new lifestyle and worldview is bound to be rough. Is rough.
But then authoritarian market economies have been no June picnic... Especially if you look at it from the POV of the poverty stricken that market economies create in much larger numbers than they do rich people or the middle class.
I would disagree with point 1. AI isn't capable of solving the need of the worker at this point and how its implementation is starting to take shape is mostly in that it's flattening the curve of productivity between the highest paid employees and the lowest. It cannot replace a worker altogether and I doubt it ever will. Our iteration of it now is very simply put, very sophisticated plagiarism.
BRICS and its partnering nations are subscribing to new Capitalism. I don't think your preposition that the complexion of what we use to organize ourselves economically is going through any type of renaissance, because the future is suggesting more of the same. I don't see the concept of money showing any signs of slowing.
If workers had power they could decide how much automation and AI they wanted to integrate into their businesses. So it's a bit of a circular argument, though we are on that trajectory unless worker movements change the game.
AI and Robots are just a new automation machine. It will have an effect on labor of course.
But it also may provide the exact opportunities that can make cooperative companies be feasible.
I will give one example being that I worked in furniture market/industry.
In the 1990‘s furniture companies liquidated their factories and put sourced to China and Southeast Asia. What would it have been like if workers understood and were prepared for cooperative industry and they had the right of first refusal? They could easily have competed with the outsource industry with less transportation costs and no share holders taking their surplus labor.
Over these last few decades however some very interesting digital technologies were developed and became more affordable and new cottage industries are emerging. For example in Computers controlled routers, SD printers, laser printing, all make it possible for small scale companies to emerge.
If designers and furniture craft persons united into cooperatives right now there would be many opportunities for them to thrive as producers.
AI and Robots will not make work obsolete for a long time, it will make some tasks obsolete.
@@matthewkopp2391 it's not the 1990s...
It's just not automation, they've taken all the manufacturing overseas.
After the Crash of 1987, the recession after, and the globalization that started in the early 1990's this has been the trend. I lived through this and I remember it.
First, they rammed through NAFTA.
Nearing the end of George Bush's term some lady reporter asked him about the state of the economy when he practically screamed out ' There's nothing a President can do about the economy - it's just got to work it's way out ! '
This was in 1992; I wished I would have taped it.
I’ve thought the same sentiments. You are a BREATH OF FRESH AIR FOR THE WORKD!!!!!
WORLD
Thank you we love you prof wolf,powerful song ❤
Dr. Wolff is a great humanitarian economist, so far beyond the usual apologists for the capitalist status quo of hierarchy with the working class of the world exploited by their capitalist masters.
One point he is missing however is a large section of the population is authoritarian in nature. These are people that accept hierarchy as "just the way it is" and accept their subordinate position in the hierarchy. Trying to get these people to become their own bosses in a cooperative arrangement might prove difficult. Many of them prefer to be told what to do rather than to bear the responsibility of thinking for themselves.
Might they be able to change? Perhaps.
Great discussion. Could Professor Wolff address how robot workers and AI will affect his socialist society.