[EU S14 E17] The Phenomenon of China

This week’s Economic Update Professor Richard Wolff dedicates the entire show to the economic developmental achievement of China, together with the historical background that motivated that achievement. We analyze the uniqueness of both the economic philosophy and the politics of China.

Short Summary

1. China’s economic growth and development in the past 70 years is a remarkable phenomenon.
2. China has become the manufacturing center for the whole world and a crucial player in global trade.
3. China’s unique blend of state and private sector enterprises has allowed for rapid industrialization and technological advancements.
4. The Chinese Communist Party plays a dominant role in politics and aims to overcome uneven development while building alliances with other nations.
5. China’s future could lead to either becoming a new hegemonic empire or fostering a collective global community of nations.

Summary

1. China’s economic growth and d