As Yellen dictates terms to China What we defend, what Wall Street wants to destroy
www.workers.org
What is the material basis of the growing hostility on every level of the U.S. ruling class toward China? No great struggle is based on the personalities or aspirations of individuals. At the root is a very concrete, material basis that drives the conflict. Otherwise, meetings, discussions and di

The most presumptuous statement from Yellen was to credit capitalism with ending poverty in China: “A market-based approach helped spur rapid growth in China and helped lift hundreds of millions of people out of poverty. This is a remarkable economic success story.” (treasury.gov, July 7)

But it was not the ruthless capitalist market that accomplished this historic feat. It was state planning, in the hands of the working class. The conscious development of small industries, local markets, skill training and infrastructure in rural, underdeveloped areas helped raise the standard of living for millions.

China was able to accomplish something that no capitalist economy in history has accomplished. It was able to end poverty and hunger through a web of social and economic development programs. More than 800 million people quickly benefited, as will billions more in generations to come.

It was the largest and most rapid improvement in material conditions in modern history. China had been one of the poorest countries on Earth. Now it is an economic powerhouse.