Europe is Caught Between U.S. & China - Economic Update with Richard Wolff

Europe is in a difficult position, with economic ties to both China & the U.S. and a variety of political forces within their continent deciding what to do about it.

"The conditions inside Europe are for a struggle over what to do in their difficult in-between situation. And it's not clear who's going to win that internal struggle either. Europe may become the weakest link in the capitalist chain." - Richard Wolff

This is a clip from S13 E06 of Economic Update: 2023 World Economic Trends

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Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff!

“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

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[Riggsnic_co]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[Monk-Amani.]

Europe's singing.
"Here, I am stuck in the middle with you."

[Cremenium]

When you have a US citizen as the president of European Commission😅😅😅politicians in Brussels tributing European interest to their American masters, now we don't even know if they are aware of doing so!

[numbersix]

As always, Dr Wolf's analysis grounds events in the basic facts of life.

[jordankeagy]

I love the videos keep them up please.

[victorkmlee]

The response (or rather lack of it) from the EU especially Germany to the recent revelation by Seymour Hersh on the Nordstream 2 pipeline sabotage explains how impotent it is.

[johnlay]

If China is interested in being soft to EU, it can. It has been treating Australia reasonably well as it is hoping to stop Aust from falling back into the hands of the far-right anti-China faction. If it can keep Aust prosperous for several years to come, the Labor govt will be there for a few terms. At least until there is a better indication where the US's economy is going. All current indicators are showing that the future of US's economy is pretty gloomy. But EU, I don't know, as there are many countries there with unstable political outlooks. Their future also depends on US's economy.

[Edward]

In a boxing fight the fight can be over in round one through a knockout. On the other hand, the fight can go the distance of 12 rounds when the winner is the one that won the most rounds. If a round in this war in Ukraine is one week, how many weeks did the Ukraine won and how many weeks did the Russians won? Who lost the most blood? Who has lost the most territory? Who is on his knees and is asking for water? The ref should stop this fighting today for we all already know who has won the fight. If he does not, the loser might die.

[RaffaellaIT]

Exactly! It is right what you say about Europe, which is - by the way - not unified at all. Unfortunately! Raffaella from Italy

[miramartin-parker]

How does the structural and functional institutional hierarchy that exists between the realms of art, academia, military, and commercial spheres relate to "democracy"? How can this social structural and functional hierarchy BE democratic? Workers can make decisions in their workplace, but what if their workplace is at the base of this hierarchy? How much influence will they really have? If this existing hierarchy doesn't relate to democracy, how can it be eliminated in a consensual/democratic way?

[lesliehourihan]

Europe has definitely left itself wide open and vulnerable, the UK has become an irrelevance that can't think for itself, it even lacks the character to do anything about it, it's cocked itself up with brexit and has nowhere to go, these are trying times for europe and anyone guess the outcomes...

[jerronng]

Europe shouldvmakes its decision... Not depends on US, UK .. freedom of choice.

EU is not a slave. Union... Unless Nato. Is at work !!!

[billyeomans]

They say that China has committed human rights violation .
But you could also say that about America.
Different countries different laws you look at Arabian countrys crime is almost zero because of the laws are so strict in these countries if you commit a crime .
So have to West learnt anything from these countries and the answer to that you can go they have not.

[gugy]

Latin American countries woke up to the reality of being too entrenched with the US. Europeans would be wise to reconsider their alliances and NATO.
The American empire is in free fall. The military industrial complex is one of the main reasons for this.

[TerrorTerros]

Id like to see Europe become a "3rd block", all european countries together are richer and more productive then both the US and China.
Tough the EU is currently mostly a tool for global-capitalists to exert their influence, it has the potential to create great prosperity and equality for all its member-states, as well as offer a alternative to the USs hyper-capitalism and China/Russia's authoritarianism.

[swingwinger]

EU (European Union) 🇪🇺 should therefore be renamed as UE (Useless Europe).

[statostheman]

That explains why in the Nordics activity open the Nordic council since 2012. There have been "talks" between Norway, Denmark, Island, Sweden and Finland. Here is a line from their website: " Our vision is to make the Nordic region the most sustainable and integrated region in the world"

Its never been like that before. The council was pro Europe, pro EU and etc. These kind of rhetoric came from the 90s, when there was a plan to create a Nordic union. My gut says when EU falls, they'll activate the bilateral agreements, where there was before the EU. Which Norway is part of it.

[newto]

Need what I call New Sustainable Equitable Futurist Economics internationally asap.Also Richard keep in mind massive benefits US accrued reserve currency status, cheers.

[joelkroodsma]

Who are the "allies of China"? Maybe Cuba and Venezuela? With its direct neighbors (except N.Korea), China has a more (Japan, India) or less (Vietnam) hostile relationship.

[FleetaFleegalBuckFut]

I’m listening to this so that I won’t hear the construction of more slums next to me. Also for the Professor’s wonderful insight, naturally