Description:
Richard Wolff tells Glenn Diesen that the competition between the United States and China is over, and that China has won. He calls the high-tech buildout the largest single bet in the history of American capitalism, ahead of electricity and the railroads, and says investors are already shorting those companies in case the bubble bursts.
He also discusses why the US is increasingly likely to answer that loss with military power.
He also discusses why the US is increasingly likely to answer that loss with military power.
Timeline:
00:00:00 Understanding the structural crisis in American capitalism
00:06:50 The merger of corporate and government power
00:10:59 The competition between the US and China
00:20:50 The rise of Chinese economies of scale
00:32:24 Shifts in US foreign policy and global dynamics