Democracy At Work has the video Ask Prof Wolff: China VS. a Myth of Stolen Technology.
A patron of Economic Update asks: “I recently watched a great news segment about China’s acquisition of western tech by China. You have spoken on this point in the past, could you reiterate that the tech acquired by China was not stolen, but as Saagar stated “China’s ability to weaponize western greed.”
This is Professor Richard Wolff’s video response.
I think this is a pretty good explanation. He did not go on to explain why labor is cheaper in China than it is in the west. I think I know the explanation. With the financialization of Western economies, capitalists find it easier to make money by extracting rent from the workers. Let China have the manufacturing and the low overhead economy. Our capitalists make money by draining the life out of the workers. It is easier for the capitalists, but it isn’t good for the society. Too bad the USA refuses to learn as mcuh from China as China has learned from us. If we choose to do ourselves in, should we expect China to do the work of saving us from our own worst instincts?