Richard Wolff Compares the Real Wage of China and the US

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"The real hourly wage in the United States is lower today than it was in 1973 and that is something to think about. But now comes the Chinese story. Over the same period of time, the last 20-25 years, real wages in the People's Republic of China have quadrupled."

Watch the full episode here:

[S9 E25] China's Economic Record and Strategy
This week on Economic Update, Professor Wolff follows up with part two of his in-depth analyses of the USSR and anti-capitalist governments by providing (1) an overview of China's economic development mostly over the last 25 years (GDP, real wages, etc.), and (2) its economic strategy: learning but also differing from Soviet strategy along with some relevant, and interesting, historical context.

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Prof. Wolff's latest book "Understanding Marxism"

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[kevinmackfurniture]

When the Average Pick up Truck is 3 times more expensive than My Parents first Two homes, Yet wages have remained basically the have a big problem.

[TimBradleyFromOz]

When you've watched the full version,
But still come here to up vote.
Because Wolfe is awesome.

[PapaMagnum]

I love this man!! Been watching him for years!!

[drakekoefoed]

pickup new 1973 4k 2019 40k. min wage 1973 $2 min wage 2019 $7.25. prices up 3x wages. healthcare worse. homes worse. food worse

[thethird]

I thought the grass was greener when I chose to migrate to out it was artifical turf. Worst decision of my lifetime, second only to marrying a second time.

[patrickvanmeter]

I remember the US was like China after WW11. This all stopped in the 80s. Even if wages stayed the same, workers lose because of inflation. Buying power per dollar continues to decline while credit card debt in higher than ever. It can't last much longer.

[nizicike]

I remember how diverse American movies used to be, no just countless Marvellous Movies.

[curiousone]

Richard Wolff, keep up the great work. If only more members of the American public were interested in these topics. They're instead enamored by the optics of rosy-cheeked Pete or fighter-victim Kamala. They don't see the bigger picture, but I hope that will change. Thank you.

[maximme]

"Quantitative Easing" is printing money with NO LIMIT

[LowescC]

I love the numbers, Rick- I graduated high school in '73, plus I was born in the exact middle of the baby boom, ('55).
What more could I want...??

[leonardpearlman]

I keep wondering why we always hear about "Stagnating" wages, when they are known to be declining? Everyone does this! I'm retired now, real wages have declined all my life I think!

[bloanta]

Professor can you please make some videos explaining the communist manfesto and some parts of capital, thank you

[canadianperspective]

What was the CEO/worker salary ratio in 1973 compared to today? I think that is where all the money went...

[Dano-ufys]

E Debs: that would be correct, send me a link, I was one of those who didn't buy the government version of 911 or the Kennedy murder either.

[robertsmith-cjgl]

When signing a "mortgage" or for any type of "loan", you are in essence in all reality the creditor, not the debtor. Money comes into "existence" when you and only you put pen to paper. Now tell me why would you have to pay someone else, with Interest on your own self created money? Bankers would not have so much as a nickel in their "vaults" if YOU didn't put it there. In all reality, the bankers are the debtors, not the creditors.

[ubgeye]

Arent the increases in productivity due to technology and automation tho? And not the workers themselves? Genuinely asking, lets not get hasty.

[shangosankofa]

Capitalism could be the winning formula if corporations realized the need to share the bounty with their employees. Instead, upper management get the employees’ share in the form of bonuses. You have to do better by your people!

[ReubenRevolution]

Thank goodness their money is valued wayy less than the US dollar!

[WeltschmerzvonGavagai]

if american joins the competition of low wage labor market, american will win . the cost is wage standards lowed to the chinese level, like 1 dollar/ hr. lol

[Dano-ufys]

Mr. R: yes I did, they're called democrats and republicans.