Mar 17, 2021, 14:55
In a video of the radio program Economic Update posted on Aug. 24, 2020, Professor Richard Wolff rejected the demonization of China (Screenshot of YouTube website)
China is less a competitor and more a wannabe of the world, and the United States and China should learn from each other’s strengths and weaknesses to achieve prosperous coexistence, said American economist Richard Wolff.
In a video of Richard Wolff’s radio program Economic Update posted on Aug. 24, 2020, the professor rejected the demonization of China, noting that China and the United States have more similarities than many would realize.
Richard Wolff is Professor Emeritus of Economics at the University of Massachusetts Amherst and a visiting Professor in the Graduate Program in International Affairs of the New School in New York.
However, there is a “unique relationship” problem between the two countries, the professor pointed out. “China is clearly an ascending, rising economic, political and cultural power in the world; no one should be confused on that subject. In stark contrast, the United States is a descending power. The footprint of the United States is smaller in the world economy with each passing year,” he said.
Wolff first attributed this trend to the difference between two countries’ systems, saying the Chinese system has grown much faster economically than the United States over the past 30 years, “two to three times faster, not even close”.