In this week's Wolff Responds: Professor Wolff refutes the idea that China is "cheating" and market manipulation.d@w's Substack is a reader-supported publication.
The reason that the Chinese system is having more success is that part of the decision making process is based on making ethical and moral decisions as opposed to making them purely on a profit and loss basis. Business leaders are not generally rewarded for making decisions that bring harm to the populace. In fact, some of the punishments can be quite severe, especially if their decisions result in the death of Chinese citizens. In the US, the wealth class is legally untouchable. The most that happens is the company they head pays fines.
Bottom line; In China the decision makers receive the punishment, whereas in the US, the companies or corporations act as an insulator that results in their managers walking away with a slap on the wrist. That needs to change. Wealth should not be allowed to subvert justice.
There are houses for sale everywhere here. Many of them sit on the market for months, then are quietly withdrawn. Meanwhile, they keep building these condo/apts with business spots available for lease on the first floor. I have come to believe that these are a scam. They sit empty, mostly. Maybe one business comes in, a Fernando's or similar. The rest: Nothing. The apartments are supposed to be, in many cases, rate adjustable to help the impoverished. Well, how many broke people do you know who have perfect credit? If your credit is poor, you don't qualify. Even if the one with bad credit won't be the one responsible for paying the rent. There are empty apartments everywhere in this city. Built, in part, with taxpayers money.
I could go on and on about the contractors who start a building project, often knocking down some perfectly good old building that could have easily been rehabbed, and then they just stop - because they're broke, or because they've already run out of money, or run through the money. Two different cities in my state had to take one particular "developer" to court to make them get back to work.
Meanwhile, hordes of people wander homeless through the downtown streets of our state capitol. We're afraid we're going to join them. My housemate has been laid off and I'm on disability.
So, on this rare occasion, I must disagree with you on that particular point: There is PLENTY of housing. Oodles of it. Cheaply built, or older, but still, housing. No one can afford it. My city is built on banking and insurance, always has been. A lot of those businesses are laying off or seem to be on the verge of going out of business. Wells Fargo in particular has laid off hundreds of workers. That might not make a big impact in New York, but it makes a big impact here in our little state.
Love your work, Prof. Wolff. I really do wish I could afford to contribute, and I really wanted to buy your book. Well, the housemate had a job interview yesterday. A temp agency, but what can you do. That used to be the key here to getting hired permanently where you were temping. No more. We're a city of permatemps.
Holly you are a reality test for our generation of Bail-Outs for Corporate-Capture & Competition-Slaughtering saviors use pinky rings to balance their Wealth Management Portfolios! Keep on doing and writing!
Professor Wolff always brings such a compelling and grounded economic analysis to these global dynamics. Understanding the structural shifts in international trade and industrial policy gives a much clearer picture of where the global economy is heading than typical headlines suggest. Whenever I take a quick breather after reading up on political economy and global markets, I like to drop by https://fast-bet.it.com/login to relax for a few minutes. Thanks for continuing to publish such thought-provoking commentary!
Analyzing economic perspectives and global market dynamics like Professor Richard D. Wolff's critique of "Chinese competition" and allegations of overcapacity provides fascinating insights into modern trade, industrial policy, and global economic relations! Examining these structural issues helps foster a much deeper understanding of geopolitical economy. While taking a break from reading political economy commentary and analysis articles, I also like to check out https://rolldorados.cz/bonus/ for some casual online gaming. Thanks for sharing this thoughtful piece!
The reason that the Chinese system is having more success is that part of the decision making process is based on making ethical and moral decisions as opposed to making them purely on a profit and loss basis. Business leaders are not generally rewarded for making decisions that bring harm to the populace. In fact, some of the punishments can be quite severe, especially if their decisions result in the death of Chinese citizens. In the US, the wealth class is legally untouchable. The most that happens is the company they head pays fines.
Bottom line; In China the decision makers receive the punishment, whereas in the US, the companies or corporations act as an insulator that results in their managers walking away with a slap on the wrist. That needs to change. Wealth should not be allowed to subvert justice.
The reason China is doing so well is that the business of China is business. unfortunately, the business of the USA is WAR.
America once had honor, honesty, integrity, dignity, statesmanship, and diplomacy (the relations of nations.)
Now the US is NOT about doing what's right. it's all about who has or is getting the most money.
Does China’s government block trade with the US? From Professor Wolff’s video, he makes China’s system seem smart and fair. But, is it really?
Yep they don’t let them have access to the rare minerals they need to produce their munitions
There are houses for sale everywhere here. Many of them sit on the market for months, then are quietly withdrawn. Meanwhile, they keep building these condo/apts with business spots available for lease on the first floor. I have come to believe that these are a scam. They sit empty, mostly. Maybe one business comes in, a Fernando's or similar. The rest: Nothing. The apartments are supposed to be, in many cases, rate adjustable to help the impoverished. Well, how many broke people do you know who have perfect credit? If your credit is poor, you don't qualify. Even if the one with bad credit won't be the one responsible for paying the rent. There are empty apartments everywhere in this city. Built, in part, with taxpayers money.
I could go on and on about the contractors who start a building project, often knocking down some perfectly good old building that could have easily been rehabbed, and then they just stop - because they're broke, or because they've already run out of money, or run through the money. Two different cities in my state had to take one particular "developer" to court to make them get back to work.
Meanwhile, hordes of people wander homeless through the downtown streets of our state capitol. We're afraid we're going to join them. My housemate has been laid off and I'm on disability.
So, on this rare occasion, I must disagree with you on that particular point: There is PLENTY of housing. Oodles of it. Cheaply built, or older, but still, housing. No one can afford it. My city is built on banking and insurance, always has been. A lot of those businesses are laying off or seem to be on the verge of going out of business. Wells Fargo in particular has laid off hundreds of workers. That might not make a big impact in New York, but it makes a big impact here in our little state.
Love your work, Prof. Wolff. I really do wish I could afford to contribute, and I really wanted to buy your book. Well, the housemate had a job interview yesterday. A temp agency, but what can you do. That used to be the key here to getting hired permanently where you were temping. No more. We're a city of permatemps.
Holly you are a reality test for our generation of Bail-Outs for Corporate-Capture & Competition-Slaughtering saviors use pinky rings to balance their Wealth Management Portfolios! Keep on doing and writing!
Warmly,
Tio Mitchito
TM
Mitch Ritter
Paradigm Sifters, Code Shifters, PsalmSong Chasers
Lay-Low Studios, Ore-Wa (Refuge of A-tone-ment Seekers)
Media Discussion List\Looksee\Hearsay
https://link.springer.com/chapter/10.1007/978-3-031-72893-8_7
Too Big to Fail: Democratic Progressive Neoliberal Tendencies
Chapter
First Online: 29 October 2024
pp 179–202
Cite this chapter
Save chapter
"Progressive Liberalism and Neoliberalism in American Politics"
https://www.researchgate.net/publication/385328769_Too_Big_to_Fail_Democratic_Progressive_Neoliberal_Tendencies
https://rooseveltinstitute.org/publications/how-neoliberalism-failed/
Professor Wolff always brings such a compelling and grounded economic analysis to these global dynamics. Understanding the structural shifts in international trade and industrial policy gives a much clearer picture of where the global economy is heading than typical headlines suggest. Whenever I take a quick breather after reading up on political economy and global markets, I like to drop by https://fast-bet.it.com/login to relax for a few minutes. Thanks for continuing to publish such thought-provoking commentary!
Analyzing economic perspectives and global market dynamics like Professor Richard D. Wolff's critique of "Chinese competition" and allegations of overcapacity provides fascinating insights into modern trade, industrial policy, and global economic relations! Examining these structural issues helps foster a much deeper understanding of geopolitical economy. While taking a break from reading political economy commentary and analysis articles, I also like to check out https://rolldorados.cz/bonus/ for some casual online gaming. Thanks for sharing this thoughtful piece!
The Chinese hybrid capitalist / socialist system has proven to be highly effective.