China’s doing this capitalism thing way better than the west. We should really learn from them. For example if the US abolished auto unions and increased manufacturing subsidies, they could lower wages and deliver cars for more competitive prices instead of having to rely solely on tariffs on Chinese EVs.
The real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015, while real incomes of the poorest half of the US population actually declined during the same time period. https://www.nber.org/system/files/working_papers/w23119/w23119.pdf
Real wage (i.e. the wage adjusted for the prices you pay) has gone up 4x in the past 25 years, more than any other country. This is staggering considering it’s the most populous country on the planet. https://www.youtube.com/watch?v=Cw8SvK0E5dI
Purchasing power in China goes much farther, real wages are much higher than 3 euro equivalent, and that’s for minimum wage, not median. High working hours in office work are a problem to work on, yes, but not one with no signs of improvement. The PRC is a socialist economy with heavy union presence. The large firms and key industries are publicly owned, ie public ownership is the principle aspect of the economy. The US Empire can’t compete with China because it hollowed out its own industry in favor of outsourcing it and imperializing the global south.
Not to mention you don’t really need slavery when your minimum wage is like 3 euros an hour and unpaid overtime is the norm anyway, at least in office work
China’s doing this capitalism thing way better than the west. We should really learn from them. For example if the US abolished auto unions and increased manufacturing subsidies, they could lower wages and deliver cars for more competitive prices instead of having to rely solely on tariffs on Chinese EVs.
meanwhile in the real world
typical Chinese adult is now richer than the typical European adult https://www.businessinsider.com/typical-chinese-adult-now-richer-than-europeans-wealth-report-finds-2022-9
90% of families in the country own their home giving China one of the highest home ownership rates in the world. What’s more is that 80% of these homes are owned outright, without mortgages or any other leans. https://www.forbes.com/sites/wadeshepard/2016/03/30/how-people-in-china-afford-their-outrageously-expensive-homes
Chinese household savings hit another record high in 2024 https://www.wsj.com/livecoverage/stock-market-today-dow-jones-bank-earnings-01-12-2024/card/chinese-household-savings-hit-another-record-high-xqyky00IsIe357rtJb4j
The real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015, while real incomes of the poorest half of the US population actually declined during the same time period. https://www.nber.org/system/files/working_papers/w23119/w23119.pdf
From 1978 to 2000, the number of people in China living on under $1/day fell by 300 million, reversing a global trend of rising poverty that had lasted half a century (i.e. if China were excluded, the world’s total poverty population would have risen) https://www.semanticscholar.org/paper/China’s-Economic-Growth-and-Poverty-Reduction-Angang-Linlin/c883fc7496aa1b920b05dc2546b880f54b9c77a4
Real wage (i.e. the wage adjusted for the prices you pay) has gone up 4x in the past 25 years, more than any other country. This is staggering considering it’s the most populous country on the planet. https://www.youtube.com/watch?v=Cw8SvK0E5dI
Over the past 40 years, the number of people in China with incomes below $1.90 per day – the International Poverty Line as defined by the World Bank to track global extreme poverty– has fallen by close to 800 million. With this, China has contributed close to three-quarters of the global reduction in the number of people living in extreme poverty. https://www.worldbank.org/en/news/press-release/2022/04/01/lifting-800-million-people-out-of-poverty-new-report-looks-at-lessons-from-china-s-experience
None of these things would be happening in China if it was doing capitalism. It would look the way other capitalist shitholes look like today.
Purchasing power in China goes much farther, real wages are much higher than 3 euro equivalent, and that’s for minimum wage, not median. High working hours in office work are a problem to work on, yes, but not one with no signs of improvement. The PRC is a socialist economy with heavy union presence. The large firms and key industries are publicly owned, ie public ownership is the principle aspect of the economy. The US Empire can’t compete with China because it hollowed out its own industry in favor of outsourcing it and imperializing the global south.