Setting the Record Straight on U.S. Manufacturing Myths - Economic Update w/ Richard Wolff

Prof Wolff details the decline in U.S. manufacturing, and the political records around it. What does this continued pattern say about our system?

"The promises of the Democrats were no better than the promises of the Republicans. Neither one panned out, because here's the reason. It was profitable for American business to leave in manufacturing, to relocate elsewhere, because they could make more money. This is an economy run by and for large, capitalist corporations. And the problems we face are the result of their control. They will do everything to suggest it's something else but don't be fooled." - Prof Wolff

______________________________________________________________________________________
We make it a point to provide the show free of ads. Please consider supporting our work.

_______________________________________________________________________________________
Stuck Nation: Can the United States Change Course on Our History of Choosing Profits Over People?

“Hennelly brilliantly analyzes our capitalist crises and how individuals cope with them, tragically but often heroically. He helps us draw inspiration and realistic hope from how courageous Americans are facing and fixing a stuck nation.”
- Richard D. Wolff

Check out Prof. Wolff's other books: "The Sickness is the System," "Understanding Socialism," and "Understanding Marxism"
_________________________________________________________________________________________
Want to help us translate and transcribe our videos?

Follow us ONLINE:

[richardwong]

An American lady visiting China told her host that she felt unsafe in China. When questioned, she answered that Chinese citizens did not carry guns. In a way this is quite hilarious but she got a point due to the fact that she had been conditioned in a gun carrying environment to feel "safe".
More seriously though, the weaponry companies in the US have made huge profits over the years and so were their investors due to rising share price. Former and current senior politicians or military officers are on the main board as directors or consultants for those companies to enrich themselves. They want wars and conflicts all over the world. If there isn't one they will create one. So much so that they and other large corporations are the real bosses, over and above the elected politicians.
China has for many years reduced worldwide inflation by manufacturing efficiently in a massive scale. Chinese companies used to absorb price increases in raw materials to maintain the selling price resulting in less profits. Westerners probably did not know it or did not appreciate it. I have seen analysts in China in Chinese language channels saying that Chinese companies are no longer absorbing input price increases. They are passing the rising costs to their customers, thus exporting inflation worldwide.

[uklae]

This is grateful to people who are viewing this Chanel. Professor Wolff always explains the complex economic concepts with plain language to make everyone understand.
Thank you so much for teaching us the economic knowledge.
You are a legend in economics.

[shabalalamartin]

Well understood Professor we are driving reckless on this road but we are blaming everyone we are running into

[Pyriold]

Looking at that from germany where we have a huge manufactoring sector, pretty good salaries there and even worker representation in practically all big company managements.

[michael]

Chinese companies open factories in other countries for many reasons-logistical costs, labor costs, taxes, markets. They could open many more factories in the US but now the environment is hostile. Many have lost interest to study or take vacations in the US.

[sextoncardew]

I am quite old and I recall how most countries, and myself, were very envious of the US in the early 1950s due to the high living standards of the average American. Unfortunately for Americans the situation has changed drastically, and most overseas people are not envious of them now.

[robertrussell]

So the reason we in the US have such a low amout of manufacturing is capitalism?

[philiptan]

The usa has outsourced its manufacturing to China because the CEO’s of the industry wants to get more profit, thus more salary for themselves and more dividends for the shareholders. The working people lost their jobs because of this greed and desire to enrich themselves and maintain a high living standard. Well, the decline of the usa is caused by the people in the usa themselves. Don’t blame somebody else for your own mistakes. That is childish and stupid!!

[leealexander]

I'm much too old to be easily fooled by politicians.

[GrandmaCathy]

Fight FOX on how cool it is to have 2 or 3 jobs and still not making ends meet.

[bobchong]

This is the problem when in a country the elected House and Congress members become servants to capitalist companies.

[marpro]

Such a very important subject. Thank you for educating the public.

[truthhurts]

During 1990's 50, 000 factories moved from U.S. to other countries. Year 2000 - USA = 8 times China's economy. Year 2020 - USA = 1.4 times China's economy. By 2040 half of all jobs will be endangered by automation and robots

[lacha]

It's not just manufacturing. They're outsourcing all the call centers, i.e. service work as well.

[GhostOnTheHalfShell]

I read I think 5 years ago or so, that manufacturing grew by 20% post GFC in the US but the number of jobs shrank. Manufacturing is undergoing the same development as agriculture where automation decimates the number of people required to produce goods. What happens as the number of people required to produce the economic output for human necessity and leisure is only 5% of the working age population?

[Ghost_Electricity]

Very good explanation. We need more simple, straightforward analysis like this that can re-educate the working class to left ideas.

[Voidsworn]

US Capitalists would only be happy to remain in the US if they could have our working class conditions be as poor or poorer as the countries they moved jobs to, plain and simple.

[TheArtofWarChina]

The other main reason why US corporations sent the manufacturing offshore was because monetary expansion policy. In order for Central Banks to expand their policy (printing money), they need to create customer base (1.3 billion Chinese). So don't hate the player, just hate the game!

[davidmoss]

When things goes wrong the last place an American look at is in the mirror. This generation is filled with self entitled princesses

[kevinjahn]

What is needed is something like the old autopact. If you want to sell it here you have to make it here.