Richard Wolff has come up with a gem of an episode Economic Update: China: Capitalist, Socialist or What?
On this week’s episode, Prof. Wolff talks about the Chinese economy. China is run by a Communist Party but describes itself as socialist, while the employer/employee structure of its enterprises is capitalist. We examine what this means for (a) its place in the world economy, (b) its place in the transition from capitalism to socialism/communism, and (c) its conflict with the US.
Like many great works of analysis, this one shines. Of course it is always harder to describe solutions that don’t exist yet. I don’t fault this presentation that I find the suggested solution more iffy than the analysis of the problem.
This is only to say that I can wholeheartedly agree and learn from the analysis part. The efficacy of the solution part is still to be determined. We need to keep in mind that a different and better solution might exist, and might be found. I hope we in the world can work it out on the path to the transition.