In the following video interview with Global Times, prominent Marxist economist Richard Wolff explains the central contradiction in the US ruling class with respect to its relationship with China.
On the one hand, the US business community is eager to maintain good economic relations with China, which represents an important market, trading partner, avenue for investment, and source of investment. US companies “want to be able to produce in China, and even more, they want to sell into the Chinese market, which is one of the fastest-growing and largest markets in the world.”
On the other hand, the US political establishment is increasingly hostile to China. This hostility is driven to a significant degree by the fact that China is challenging the US’s global hegemony. “The last century has been the century of the American Empire, and it now sees its role in the world economy – financially, in export and import, and in other areas – being challenged above all by the People’s Republic of China.”
Meanwhile the US is facing a deepening crisis of capitalism, with growing inequality, economic instability, and a shrinking middle class. Politicians have identified two convenient scapegoats for these problems: 1) immigrants from Latin America; 2) China. Wolff points out: “Capitalism has always moved in this way. But because our politics are controlled by big business, politicians can never blame capitalism. They cannot blame the big businesses that fund them. So, who do they blame? China.”
Wolff conjectures that it may be possible to use this division in the US ruling class to pursue an agenda of peace and cooperation; that the peace movement may be able to work together with the business community to prevent a war with China.
