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What is China's future? Economic decline, or the next industrial revolution?
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- čas přidán 18. 08. 2024
- Political economists Radhika Desai and Michael Hudson are joined by Beijing-based scholar Mick Dunford to discuss what is actually happening in China's economy, explaining its technological development and transition toward a new industrial revolution.
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18:40 Michael Hudson every time I hear you I get absolutely vital information worded in a way I can teach my young niece and nephews!! Thank you!!
better to get his books, it's worth reading for your youngs.
His books are phenomenal. I have a couple and every time I read them I learn something I missed the last time round.
It seems to me that a country that has succeeded in the way that China has in recent decades, is to be commended! A government that has kept its corporate oligarchs in check and protected the common people from poverty is commendable and all countries ought to respect and learn from China!
Well said
This control over their oligarchs is based in Marxism: the economical elite in Capitalism will use their capital power to influence politics.
In China, such kind of power is kept in check - you want to influence political decisions? BE ELECTED!
3:33 there is no accusation america can make, that america is not also guilty of.
Literally - I always figured China’s real estate crisis had roads paved to the US & alas it does
Every accusation is a confession, just like their aircraft carrier, Israel.
@nusaibahibraheem8183 that's exactly what a friend of mine accurately says!
Nor only US, also the geopolitical west
@@1971giftthe geopolitical west is the USA , there are no sovereign countries in the geopolitical west ....every "ally" in the west does what the USA tellls it to do...a country with no free will of its own is a vassal.
The US paying double per person and having worst outcomes in healthcare makes the GDP Look great
Seriously lol. My prediction is within the next 15 years or possibly less, the United States will have an irreversible Socio economic collapse.
and look at the magnificent Seven 7 the top 7 stock in the US are valued at over 13 trillian dollars this is not real they got to drop over valued
Yes, USA spending on healthcare is now 18% of GDP, affecting all worker employment contracts and the health of the economy is threatened due to poor health outcomes for all the poor and low income Americans. The most common cause of personal bankruptcies is medical bills😮???!!!
During the recent UAW strikes, the CAW (Canadian UAW) settled their strike within a day while US workers took a month, the contrast being differing health care financing, Canada has national single payer universal health care. This health care follows workers regardless of their where they work.
@@DD-vf9ow Canadian healthcare is dogshit. Ask any canadian.
Why worry about China? What the world should worry is how the US is going to pay its debts especially those owed to foreign nations.
Us government controls its own currency and can inflate out of a debt crisis whenever it wants.
No need to worry. They won't.
That debt is minimal by comparison...8.2 trillion total, with Japan and China...accounting for less than 3 Trillion.
It's the other 26 trillion that is critical...and that doesn't include the unfunded liabilities
which are not counted as they are not due yet.
@@jgalt308 Paying the interest is already a problem even with the printing machine 'cuz Uncle Sam has no cash to buy the paper and the ink. 😂😂😂
@@brianliew5901 Hence the move to cashless...C BDCs. 😎
Mick Dunford is difficult to forget, yall good job as always!
the hissing noise he makes when he uses the letter s drives me crazy but love his insight
I'm seeing more industrialization of China not less. It's natural progression of any developing country.
May China prosper
China's exports saw an unexpected increase in the first two months of 2024, official figures showed on Thursday. The General Administration of Customs said exports rose by 7.1% In January and February combined, reaching a trade surplus of $125 billion (€114.7 billion).
Yeah , sorry that was down to me spending more money on temu ! 😂😂😂😂
This is what happens when the government actual work for its people and care for its country’s future, poverty elevation the world has ever seen, the most modern infrastructure, the high tech industry revolution, the responsibility for environment, I am so happy I live in this remarkable country. Thank you !
The US government abuses its constituents. The US government has squandered its citizens money and additional printed massive more money, all to send to Israel and Gaykraine (little satan and gay satan, respectively). Inflation and endless wars result. The USA is satanic.
Thank you, the three most intelligent, expertized, and knowing China better than anybody else, for the most valuable analysis on China's economy as well as its future.
There are others. John Ross for example. You can look him up if you're interested.
China is the proficient industrialized economy the world has ever seen.
a temporary condition.
All copied from Britain, Germany, America, Japan and Korea ; )
@@OnlineEnglish-wl5rpstupid enough to be copied. God’s creation cannot be copied.
@@xmen2130 Yeah because you'd say that if Musk copied Wechat ; )
Stupid comments here.
4 out of 5 of China’s banks are in the top 5 of strong banks…. All are state owned! ❤
Whilst in the us , banks are collapsing....
What are these banks?
it seems the top 5 banks are JP Morgan, Bank of America, Bank of China, Wells Fargo, China Construction Bank. That looks like 2/5 Chinese.
As a Chinese person I think we are born with an innate understanding (read: mistrust) of property speculation. Of course we won't pass up the chance of making a quick buck, but deep down when things go wrong, we know what to do: ROLL UP OUR SLEEVES and do real work - work in a factory, or provide a service, or cook meals, or grow something on the land, or build a road, etc. The real advantage of China is a leadership that has retained that kind of grassroot wisdom, and a political system that gives that leadership room to manouvre in that direction without disturbing too badly people's sensibilities about rights and freedoms.
"a leadership that has retained that kind of grassroot wisdom"
So how have they managed to blow such a massive property bubble? Didn't they see what happened in the West in 2008?
China's five-thousand-year-old civilization still resonates with many Chinese people, and this is one of the reasons why the Chinese will continue to make the world a better place for the inhabitants of the planet.
it sounds exactly as brainwashed propaganda would sound.
It's actually the leadership of China which has allowed this bubble and is now causing an economic collapse of the country. The proof is Hong Kong. It was prosperous without CCP leadership and is now destroyed.
@@OnlineEnglish-wl5rp they did and that's why they are deflating the bubble with minimal disruption to ordinary people's lives , the only people who is going to be hurt badly are the people who built the bubble in the first place, the property speculators ....no bail outs for them, I'm afraid ....
China has a bright future.
yup Chinas EVs have ONLY just begun and the West is trembling... And its only the first initial models!
LOL no they don't 🤣
Dude it's over for China@@antwango
@@antwango No one is buying Chinese EVs except China and their goon countries aka Brickheads. US and Europe don't give a shit about Chinese EVs.
the bot is working overtime and liking his own comments🤣@@TacticalMayo
Very informative and systematic presentations. ❤❤❤❤
China's future is so bright, it has to wear shades. 😎
China's future is bright, China has a longer-term plan and a united people!
Sovereignty is substantively more in the hands of Chinese citizens, than it is for United States (US) citizens. That is, because the state must be strong in order to prevent oligarchs from destroying the nation’s democracy. The state controls capital in China. That has allowed China to eradicate her poverty by 2020, despite having 4 times the US’ population. China is purpose driven to serve her citizens. Capital, however, controls the state in the US. That is why 9 of the 10 richest men in the world are US citizens, while 38 million Americans still live today in poverty. The US is profit driven for the benefit of its oligarch, and not driven to serve its citizens. 90% of Chinese are satisfied with their government, because the nation’s sovereignty lies in their hands. Conversely, only 33% of US citizens are satisfied with our government, because our nation’s sovereignty has been hijacked by oligarchs. The US hates China, because she refuses to allow US oligarchs to exploit the Chinese. Democracy is not for exploiting people!
there are signs everywhere in China to remind government officials and employees, "To serve the people."
The Chinese have been enough exploited by the West in the past. Here in Ballarat, Bendigo are Museums from the gold rush time, when Chinese people were imported to sleep in boxes and work like slaves for the Gold production, so these two towns became mega rich. Australia 🕊
czcams.com/video/5tu32CCA_Ig/video.html
This Princeton University study used a simple graph to explain why the US ceased to be a Democracy long ago... the country had been hijacked by Oligarchs.
Thank you!
What a great talk thank you so much
Excellent presentation! Thank you
After the current economic restructuring and mitigating the real estate problem, China will be gearing for the next cycle of explosive growth especially with a massive external economy.
I hope the explosive growth will be 10%
Instead of 6~7%
This will allow China to surpass USA economy faster
@@LollipopLop
When the BRI matures into the next phase, that is lifting the participating countries economies, China may have another spur of double digit growth. lt could happen in less than 10 years. What is disruptive is the incessant sabotage of the BRI by US through different means.
Thank you! Always a wealth of knowledge from these folks.
Thanks to you all! Wonderful episode.
China is so lucky to have you guys speak up for them ❤. Excellent discussion 👏👏👏👏
I'm a huge Dr. Desai and Dr. Hudson fangirl! I am so grateful they exist, Ben has brought them to us, they so graciously and selflessly share their knowledge and wisdom!
Please compare the act of war executed by Russian against Ukraine and war executed by Israel against Palestinian, which one are more closed to an act of genocide? All the EU and US politicians had been silence about it Israel politicians consider Palestinian children future Hamas members, women are producer for future Hamas member, the current Palestinians peoples in Gaza are Hamas, so all these people are to be completely wipe off from Gaza city. So the war executed by Israel is the act of genocide to Palestinians.
Just imagine, if there are no wars in all nations, what will be the political situations and environment in Europe, US, will US and NATO be able to sustain their military power in the next few years? The US always wants to instigate and create trouble between India and China, the same thing happens to those nations that participate in BRI and BRICKs. In my opinion, the US is the troublemaker for world peace.
Wrong Ukraine started it in 2014 ,plus has Russia bombed 1 city the answer is no your kilometres out from truth
@@francesoregan394 Ukraine is just a puppet of the west after Euromaidan. us empire instigated the war long ago, as always.
fantastic talk everyone!
Beautiful. An antidote to the distress I feel when listening to the many, many other financial channels that daily present misinformation about the collapse of china's economy. Just look to the various programs on the right side of this page
They want to prevent those who want to invest in China through propaganda. And, brainwashes the people, tell them that you see that the Chinese are worse than you, So don't complain about me anymore.
Don't forget, the US govt used propaganda funds for anti -China.
They do the same with their coverage of Russia. It's laughable and sad at the same time.
Blabbermouths. I blacklist all suggested channels that talk about "collapse" just as well as bitcoin and tech scams including Elon.
And you should steer clear of Gordon Chang and Peter Zeihan.
@PhiloSurfer for a UK perspective at least the views of a so called financial expert called Joe Bloggs, not sure where he gets his facts from but the truth is 180 degrees to his views, according to him Russia and China are both days from financial collapse 😂😂😂😂😂
Thank you Professors Desai, Hudson and Dunford for this comprehensive insight on China's economy dynamics. Looking forward for the next episode✊🏼
Japanification will not happen to China. Unlike Japan, their Central Bank is not manned by US provided/supported governor.
China have all the raw materials in the world. China’s economy will adjust to the sanctions the West and Europe have given and can’t be threatened with war. Chinese products have many possible client that can use their manufacturing prowess. BRICS nation can help them whatever economic regression they currently have.
China does not produce enough of its own energy or food. Oil, gas and coal imports to China account for around 85 percent, 40 percent and 7 percent of the country's domestic consumption. Most of this comes in via ship, not pipeline. This is a huge security risk.
China has been a net importer of agricultural products since 2004. Today, it imports more of these products-including soybeans, corn, wheat, rice, and dairy products-than any other country. Most of these imports come from the Americas and Ukraine.
@@ClownCarCoupthat’s the point! They can build all the renewable energy needs to their heart’s content. There’s Russia on their side with their emergency need for energy. Plus they can work together now with trade. Look who’s buying their cars, electronics and appliances everything under the sun really, Russia. They can trade with BRICS nations with their help with the other deficit of trade that they need.
Unlike the US whose citizens are suffering a price inflation in everything. Food, housing and energy prices have skyrocketed thru the roof. Even more rising inequality is in the line if Trump wins the election.
@@ClownCarCoup China recently founded some oil in the South China sea. China in the past used to export crude oil to Japan in the 1980s.
Japanification will unlikely happen because China has a stronger state sector. Japan benefitted from the state capitalist model, but they were under the yoke of the West.
@@PwningGerZ LOL. You’ve lost touch with reality, mate. Sure they can build out renewables over time (decades), but it takes ENERGY as well as mineral resources to do so. BTW these ‘rare earths’ are not actually rare, they’re quite common. The reason China leads in supplying these to the world is because they’ve been willing to mine them for the last half century onboarding the environmental costs for everyone else. There’s a reason why *China is one of the most polluted countries in the world.* It burns more coal by far then any other country
You better hope Trump doesn’t win, he’ll be turning up the China tariffs to 11.
Hello and thank you from Brazil!
Obrigado a Brasil para Pepe Escobar!
The content of this video should be made known to all the Chinese to carry on supporting their leaders as they have been enjoying the fruits of the combined effort of their leaders to look after the country. Just forget about all the noises from those who have no deep knowledge of China and by all the paid propagandists.
Great appreciations to the two learned professors who live up to their professorships
it sounds exactly as brainwashed propaganda would sound, text written in chinese style and machine translated to english. tell your ChatGPT to have it more western style, maybe it'll fool anyone.
Seguo M.Hudson dal 2012! I suoi interventi sono sempre impeccabili.
so soothing and relaxing listening to intelligent people talk!!!
Such good short comment, agree 💯😇
And to read intelligent comments, as well!
Another great episode of Geopolitical Economy Hour. This time I've also fully appreciated the value of Mick Dunford's contribution to the insightful analysis provided by the dynamic duo of Radhika Desai and Michael Hudson.
Good stuff, as always. You guys rock!
China is developing 16:34 and positively impacts the lives of all of humanity. No bullying, no wars, no regime change, no sanctions, and no looting of sovereign national reserves. ❤❤❤😊
The current mode of the globalization started with the political decision of the United States to stimulate the economic development of Japan so that it become a counterbalance to the Soviet Union and China in the East. As a result, the custom taxes were removed in the United States on the import of several industrial products from Japan notably textiles and consumer electronics. The results were impressive. Japan did propel in its economic development, with the standard of living significantly being improved. Simultaneously, cheap, diligent and industrious Japanese labour ensured, in the labour intensive industries, the very low production costs which benefited the US consumers. Most importantly, the corporations involved enjoyed huge profits .
When the salaries in Japan increased, the profits from the labour intensive industries declined. To maintain the profit or the corporations and the flow of cheap import of consumer goods to US, the new pattern of globalization was extended to so called five Asian tigers. The taxes on their export were decreased or removed. As in case of Japan, many industries including garment, textile and consumer electronics moved to those countries. Again, with the rise of labour cost in Asian Tigers, this process was repeated with the inclusion of some other countries, particularly, ASEAN economies and then China and India.
Everybody seemed to be happy. The new trend of globalization was eventually legalized in WTO agreements. But there were many seemingly unexpected side effects. Although, many developing economies, mentioned above, and even some developed countries like Germany have benefited from the globalization many other nations and their people have not been so fortunate. For instance, Arab countries, which are not oil producers, were not able to successfully compete in the new open economic environment. Their agriculture has been also damaged by the opening to the highly subsidized agricultural import from developed countries. Resulting deteriorating living conditions was the most important cause of the Arab spring . Similar results of the globalization are evident in many countries in Africa and the Latin America. This trigged many military conflicts in and the waves of immigrants from Africa , the Middle East and Latin America to developed countries both in Europe and America
The global elite which has gained tremendously from the globalization is not worry of the plight of developing countries and their people. The immigration is even beneficial to the corporation as it allows to suppress the labour cost in the developed countries. But there have been others unexpected results. Most importantly, with many industries being moved from developed to developing countries, it appears impossible to maintain the level of life the people enjoyed in the second half of the last century in developed countries. Everywhere, the real incomes are going down , people have to pay more and more for the medical care and the education. The discontent is growing all over the wold resulting in backlash against the current economic system.
It may be useful to recall that the initial wealth accumulation in the developed world started with the colonization and slavery. Then, it was discovered, that it was much more profitable to import cheap natural resources from developing countries, make value addition through manufacturing and then export back the product at very high price. So called the ceases of prices brought to the developed world even more wealth than the inhuman colonialism. As wealth was created within the countries, it was sheared between the elite and people. This ensured social and economic stability.
As many wealth producing industries move from developed countries, there was a hope that the service and financial sectors became the back bone of their economies. However, the current development seems to support the view that the financial and service sectors only create wealth when they are the integral part of the real economy while the financial manipulations and speculations only increase the number of billionaires and the shear of the financial sector in GDP. The fiat currency capital has appeared to not sufficiently trickle down to the real economy to support sustainable development. Neither it has trickled down to the ordinary people with the wealth gap growing all over the wold.
With the shortage of the wealth generated nationally it has been compensated by increasing debt. To stimulate the national economy , maintain the standard of living and purchasing power of the population and produce the public goods the governments at all levels and as well as the people have to use more and more borrowing. In some smaller cases, the some national or local debt problems seems possible to be resolved through austerity but there is no much understanding what to do when much bigger countries, states or segments of population are involved. For instant, only US government has accumulated two trillion US$ and does not anything to resolve the problem.
There was also a hope that the wealth continued to go to the developed world attracted by the financial centers , tax havens or real estate opportunities. It works but money flow again appears to be insufficient to support the current standard of living and sustain the economic development. Moreover, it is not clear what would happen to this inflows in case of a serious crises.
A part of the elite continues to be fully satisfied with the current model of the globalization. This part represents the transnational financial and other global corporations addicted to the profit maximization at any cost. Their CEOs depend on the today's profit for their positions and benefits. Their shareholders are looking to maximize the profit now. These people are not capable to look into the future. The other part of the elite, mostly family owned , is worried of the deteriorating social and economic conditions and the rise of the alternative political forces, both right and left. Most frustrating to the elite is the fact that one of the major results of the globalization has been tremendous shift of the real wealth producing manufacturing industries to China.and the rise in political, economic and ideological strength of the communist China
Consequently, the later part of the elite, wants to change the current globalization model and return the wealth producing manufacturing machine back from China and other developing economies. They already have great election successes in US and UK under slogans “America first” and “ UK first”. They also like to review the current economic agreements including those under WTO which so greatly benefited China. These above election victories and the followed actions met with strong resistance from the other part of the elite addicted to the short term profit. This represents a great split of the elite which makes the whole current capitalist economic system weaker.
Most likely, it is now impossible to contain China economically even with igniting a trade war as it is already equally strong and in little more than fifteen years China would be two times economically stronger than US. Unfortunately, there might be a desire of the most extreme part of the elite to contain China military. China is now much weaker military then US not speaking of NATO plus Japan. However, China has nuclear deterrence which makes any military conflict absolutely dangerous. Furthermore, Russian military power is still formidable and its position will be crucial in any military confrontation. Combined military power of China and Russia puts them at least on equal foot with US and its potential allies.
After the end of the Cold War and the disintegration of the Soviet Union the West discarded Russia as a political or military power and consider it as a devoted Western puppet. It totally ignored the political and economic interests of Russia and actively promoted Russophobia in the former Soviet Republics and beyond. Actually, the Russian establishment which transferred to the West at list one trillion US$ would have been happy to become a part of the global elite. Majority of Russian oligarch moved to the West and even changed their citizenships. However, they all were treated as second class people and were threatened with confiscation and even imprisonment. Not surprisingly, a part of the Russian establishment had become patriotic. When they decided to protect Russian interests the West tried to use its economic power to force it to comply with the West orders. Ironically, anti Russian position of the West including the NATO encirclement of the Russian borders and the economic and political sanctions and pressure had the effect quite opposite to the West expectations and pushed Russia closer to China in all areas. Ideologically, however, China and Russia are on the different sides , especially as Russian Establishment abandoned socialism. So, there are some voices in the West calling for the reload of Russia -West relation in a hope that Russia distances itself from China. However, because of the continuation of the chaotic and unfriendly policy towards Russian it will continue to move closer to China in the near future. It gives China sufficient time to overcame any attempts to its economic and especially military containment.
not a lot of people will be reading this wall of text (me included), i suggest you add the tldr of your insight
Excellent summary of global economic developments since the 1960s.
I read the whole comment and was quite absorbed with the content.
I took another look of Chinese military again recently, their rapid deployment of hypersonic missiles in the Navy has basically made them untouchable, there is no prospect of any US military victory in the pacific, on the contrary, the massive drain on US budget to keep up will be a mounting issue going forward.
Your extensive ' comment ' was worth reading. Thanks.
Appreciate your writing on the global issues from the past to the present, it helps me to understand more clearly as why all those countries involved are reacting the way they do. Thank you.
Once upon a time there was a power name USA
Or was only an aberration. Instead of using that power for the betterment of the country and the world at large, that power has wasted resources to military adventurism.
the decline began when Wall Street easy money had its way. US forgot how it got there, its strong industrial base.
I wouldn’t be so dismissive about the US - it has about 50 years left until it is fully eclipsed by China. It is still very much a dangerous and powerful country. Losing power, yes, but injured animals are often the fiercest fighters
@@5508Vanderdekken the house of cards could fold anytime.
@@5508Vanderdekken de-dollarization would accelerate the collapse of empire.
Thank you for an informative and very understandable conversation on China and the Chinese system.
great analysis.
How is BRICS countries are benefiting from the Chinese growth and prosperity?
Have you ever paid attention to the economic growth of Southeast Asia/ASEAN in the past decade? That has been driven by a significant increase of bilateral trade and strategic cooperation between each individual ASEAN state and China, which prompted the old regional players such as Japan and, most notably, South Korea to further increase their market competitiveness.
As a result, the free trade bloc Regional Comprehensive Economic Partnership was signed in November 2020 and became effective on 1st January 2022. This was a major milestone in the region because not only is it currently the largest free trade bloc in the world, but it also facilitated enhanced economic cooperation between ASEAN states and strategic regional partners at a comprehensive level: China, South Korea, Japan, Australia and New Zealand.
I wish I can give u guys more than 1 like. You got so many points right!
Excellent. Much appreciated
To the East my brothers to the East - Buddha
Thank you for the education!
I gather that China benefited tremendously from the Japanese experiences. The hard lessons the US taught the Japanese set precedents for the rest of global south. What’s most curious is why Japanese didn’t learn from it? Japanese are definitely very smart and extremely capable people…
That's the price to pay to be a friend of vile us hegemon.
Henry Kissinger - 'It may be dangerous to be America's enemy, but to be America's friend is fatal.'
Since World War II, Japan has been the colonies of the U.S, and it is now.
The country where the U.S. military is stationed is the colonies of the U.S and these countries have to pay money.
Studied some WW2 history. Japanese samurai culture drove them make weird decisions.
Fantastic episode looking forward to part two! Could listen to you talk all day
In China, you don't buy the land. You buy a 70-year renewable lease to the land.
That is good, don't you think?
Same in other SEA commonwealth nations. Now, most of the homes now have a 99 years lease. The reason being land is scarce.
not the typical "lease" like you rent real estate in NA with a contract.
When you buy real estate, you get a 70-year license of "property rights". Meaning in 70-year period this is your property, the owner has the right to trade or renovate it (under regulation) and whatever benefit generated from this propterty belongs to you.(functions pretty much the same in NA except you don't pay annual property taxes or not yet...maybe there will be annual property taxes for multiple real estate ownership in the future which I hope this could happen).
If the real estate comes with land, the owner pays a land transaction fee for another period. If the real estate doesn't come with land(e.g. apartment) usually it automatically extend for free. When the city government wants to re-develop the area the government will need to compensate all the real estate owners in that area (funds or new house(s) in the re-developed area)
Japanisation? Japan concentrated only on Western nations. China is expansive in its view. BRICS will give you a good idea.
Here in Australia I realised we don't live in a Democracy, we live in an Oligarchy. Thanks for a great show. Always good to hear from Michael Hudson.
👏👏👏 great program 👍👍👍
😃 thank you ✌️
...
Your knowledge of China scares me a little!
1. Explains that in China people's life is above everything else, human rights
2. Houses are for living in, not for frying
3. China's economy is transforming...
this is the second time. the first time it transitioned from low, environment unfriendly, labor intensive manufacturing to mid-level, and the west said it can't be done. then China shifted from mid to high level, China 2025. that's when the trade war, tech war began. it threatens what's left on Uncle Sam's dinner plate.
Thanks for providing an objective view of what is going on inside as well as what is in store for the PRC! Pl send a reminder for the next talk show also!
Fascinating discussion, important topic. Thank you so much for a wonderful show.!
Thank you SO MUCH for this!!! ❤
I appreciate you letting this one go beyond the hour
I don't see any decline future of China as the GDP gap between the US and China is narrowing into only USD 4.5 Trillion.
japan depends only on the western markets. that is the biggest japanese problem.
Thanks
What is the USA future with 34 trillion debt?
Two questions:
- What evidence do we have that the CPC is a workers' party? Growth and welfare, per se, indicate social democracy at most.
- If the Chinese economy is unplanned, how is it doing so many successful megaprojects and industrial initiatives, such as high-speed trains, afforestation, renewable energy, electric vehicles etc?
Who do you expect to provide you this "evidence"? Go to China, learn to speak and read Chinese. That's unavoidable if you actually want to understand China. Otherwise CPC has no time to care if socialists in the west agree with how it does things. It has 1.4 billion bosses to please all the time while you just sit there splitting hairs amongst yourselves on whether China meets your ideals or not.
Great discussion on these issues! Thanks Radhika, Michael and Mick!
According to statista the asian nations will grow the most going forward. The EU is in decline.
There's still a lot of room for improve for China.
China has to path out it's own unique industrial, finance, social system and foreign relationships.
Western economies will still maintain a relatively stronger than the developing economies because of their past accumulated wealth, but growth and development will definitely pale comparatively.
I effing love this channel lmao
1:07:46 It's not that Japan did not invest in industrial investment, it's that it stopped. See Richard Werner's "Princes of the Yen"
Under orders from Washington
Plaza Accord doubled the value of the Yen/USD, stalling all growth of the Japanese economy for the next three decades. That's the price of being an American vassal.
Germany is kind of on the old way of Japan.
I would love an historical analytical breakdown of the 5 BRICS economies to demonstrate the evolution of where we are. Pretty please...
China is doing what matters to the country holistically.
Economics with Chinese characteristics
The Housing Bubble is not well remembered. I was kind of shocked, to see the housing prices now are not only back where they were, but even beyond that. It's looking really bad.
Great insight.
16:30 that's the point, people have to control the state.
China is very close to a Neo Platonian "Republic" in that one can have wealth or power but never both.
Wow so interesting, thanks for the insight
One might take issue with Utopian Socialism but when it comes to understanding Capitalism Marx nailed it. Xi Jinping may understand Capitalism better than anyone on the planet. Before rising to power he was in charge of teaching Marxism to CPC members for 20 years. Xi knows "book".@@User1717ww
China's consumer retail spending, as far as i know, is pretty solid. It's only the big ticket item spending that needs to be spruced up. The US' economy, however, is just a house of card. Huge layoffs in the tech and banking sectors, CRE sector about to crash, artificially creating a bubble in AI (no pun intended), enormous private and public debts. All these are worse warning bells than China's own. The Global South need to brave themselves in the eventual crash of the US economy.
Look at it from the perspective of each country's GDP compositions:
1. U.S. GDP comprises mostly of finance, real estate, services and consumer spending; while
2. China's GDP relies on the strengthening of its industrial developments and outputs plus technological advancements. Even real estate was shunned when Xi Jinping degreed that homes are for living, not speculating.
There's no contest here. And that's why the U.S. is so afraid of China, even more so than Russia with its nuclear arsenal that can destroy the U.S. several hundred times over.
Speaking to the topic of future technologies, we see the strength of the Chinese approach with their government led shift towards electric cars (and renewables and battery development along side this). EV sales in China are now up to 40%. The whole of China's car fleet will be electrified over the coming years. China has also suddenly become a mass exporter of its own cars, after many years working on collaboration with foreign car brands. But this seeming sudden shift is the result of many years of planning by government (helping to guide and facilitate the private sector's growth). Of course, western countries, having neglected to push their industry to make this necessary shift, are now crying about Chinese car imports impacting their own manufacturers. So, in the middle of a crisis of global warming, caused primarily by western governments being controlled by the fossil fuel industry, we have the one country really doing something about being accused of 'breaking the rules'. Absurd.
As a Chinese person who lived in China during Covid-19, I think you have to look at China's zero covid policy in different stages as opposed to evaluating it as a whole. To be fair, the zero-covid policy did work in the early-to-mid stages when the virus was lethal (delta). It quickly halted the spread of covid through strict control and people were actually supporting it. Things changed as the virus started to become weaker and the death rate dropped. That's when people started complaining about the policy because it causes more collateral damages than the virus itself at this point. It hurts the economy and people are just tired of constant lock down over few cases after 2 years into the pandemic. There have been news about patients denied from accessing to the hospital because there are covid cases in the community. Plus the entire world kinda given up on eliminating covid and changed policy to co-exist. All of these add up and lead to public outcry for calling an end to the zero-covid policy. I guess a fair assessment for the policy is that the government became complacent after achieving some positive results in early-to-mid stages and got carried away, as a consequence, it failed to listen to its people and adapt to the quickly changing reality during pandemic.
First off, there is zero evidens covid was ever a deadly decise! There is ample evidens, however, various governments mainly in the Western dominated parts of the world, raged a multifacited assult on their one population in the name of covid. So, why did China follow suit? Well, we can only guess... It did drive spendig towards domestic side; give China insights into Western "medical warfare" tech; keep China in the Western orbit for a while longer; it definately also made for strong "indoktrination" which went off the rails in China as in many other parts of the world - tho I suppose the Chinese covernments did not promote the killing of their own citizens as happened very many places.
There was actually no "become weaker and the death rate dropped". The only change is the transmissibility of the virus rise up so much. The reason was not because the gov became complacent, but it was trying to save lives. But finally it failed and 1.5M-2M people died during the next year. Truly a tragedy
A good discussion but the covid analysis was shallow and unsatisfactory imo. Individual human rights and freedoms. . the Power of the State v the individual human right of bodily autonomy - Radikha. You brushed it away like some dust under the carpet.
Covid was actually a success for China, if you look at the statistic. Their economy was minimally impacted by covid, average lifespan increased during covid, and right now they have a surplus of labor. By numbers of course, I won't get into the discourse on human right, which is mostly empty talk as evident by gaza.
I am sure u had lock down where you live?
If y3s, wheres ur human right. I am sure u didnt want a lock down. 😂😂
Your right vs others right to live? I think everyone deserve to live. Your mom and wife wear pads monthly, what's a little mask? Freedom not to wear masks...geez.
I think your point of view makes sense from a western perspective. You see this from a individual perspective and I as someone with an Asian background we tend to look at from a collective point of view.
Thank You, Radhika Desai and Michael Hudson for inviting Mick Dunford in this discussion. I have been told and listening to the western news for the past two decade that China will collapsed.
Guest what! China is still standing on high ground. One thing that I have learn from China is that their industrial transformations are so complete, from raw material to finished good. They just make things better and cheaper.
I do not think the falling real estate prices have hit smaller cities in China as much as larger cities. Of course, the prices did not go as much in smaller cities. Also, the real estate owners in larger cities are wealthier than in smaller cities. The negative wealth effect has been lower for them than for the average buyer. I saw an interesting CZcams video a few months ago that covered this topic. My understanding is that, in smaller cities, this down turn is actually viewed as a potential future buying opportunity. I know that, if I were living in China right now, that is how I would view it. There are some really nice smaller cities in China.
Brilliant ❤, would love that video on China's political structure and process you talked about earlier in the piece and mentioned best for another video❤ you guys are first class knowledge and insight thankyou.🎉
Thanks y'all great show. I really enjoyed the fact that we were able to get into the weeds of the real estate. This is one of the factors that has the most impact on everyday people's lives and seeing how China is addressing that and other issues, retirement health Care labor unions etc, would be really interesting to see.
THEY HAVE BEEN SAYING CHINA IS GOING DOWN FOR MANY DECADES AND SORRY TO DISAPPOINT THEM
❤❤
Michael Hudson touched on a very important point on why China will not fall prey to the Japanese economic disease. In the 1980s, the property bubble in Japan was so huge that Tokyo's Imperial Palace was worth more than the whole of California! Golf club membership could cost US$3 million.
HUDMAN IS GREAT!!!
Leading 3rd world countries out of poverty.
THANK YOU .
Excellent discussion.
Thanks 😢
Just consideriing on the supply side of the Chinese economy, one can see it outpaces the rest of the world to step onto another stage of growth.
Part 1 Timestamps:
0:00:01 Characterising China's Economy: Capitalist? Socialist?
0:19:45 Growth Story
0:37:18 Covid Response
0:47:31 The Alleged Debt and Property Bubble?
1:02:00 Japanification?
Considering that the top 5 economies by 2030 are US, China, India, Japan and Indonesia, why are you wasting time discussing G7 network? Why not compare Chinese State controlled economy vs private owned in rest four?
I was woundering what ever happened to the Evergrand bubble. I have the same queries that Proffessor Hudson has.... The curiosity was inspired by reading "Killing the Host", how whacked out the housing market in the US is as demostrated by how hard it is to remain housed.
How to get credible answers for queries like these?
Resources that a country HAS is the most important thing…. Money is secondary because money is not a real resource.
Taxes don’t fund things
Taxes are a brake or gas pedal to control wealth gaps and inflation
Taxes are necessary to DRIVE the currency in the country/economy
Algorithm
1:05:00 source?
Where can I find such data for other countries?
I like the answers