If industrialization raises up a population, financialization plunges them.
Corporations in the US are seeing the highest profits they’ve ever seen in history. Wage theft has never been worse. Income disparity is widening more and more every year without any prospect of redistribution in sight.
Corporations in China, however, are folded into the state as soon as they get too large. Corporate profits are collected by the state and redistributed to the population. China has many more protections to prevent it from choosing greed and sacrificing the working people than the US.
I want what’s happening in China to happen to us in America.
Eldritch@piefed.world 3 days ago
Exactly, that’s why China’s economy is slowing.
Definitely, similar is happening in China as well. It’s why larger chunks of their youth aren’t participating and feel they have no place.
Which is largely meaningless as they exploit workers as hard or harder.
It did and is. The good bits happened over 60 years ago in the US. But we’re rapidly approaching the lack of press freedom and social surveillance China pioneered. Even as they’re approaching our inequality.