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So, what happened, basically, was China became the workshop of the world. You had a massive industrial base that was created, that produced value and became the new center of global accumulation, whereas what happened to the United States was deindustrialization, people thrown out of jobs, communities deindustrialized and the economy financialized, so that it became — the United States economy basically began to run mainly on financialization and speculation. So, that core of a healthy economy, that was centered on industry and the creation of value, that disappeared. And so, this is the background of my comment, that you had the creation of a strong center of capital accumulation in China that paralleled the collapse of the industrial capacity of the United States.
So, what happened, basically, was China became the workshop of the world. You had a massive industrial base that was created, that produced value and became the new center of global accumulation, whereas what happened to the United States was deindustrialization, people thrown out of jobs, communities deindustrialized and the economy financialized, so that it became — the United States economy basically began to run mainly on financialization and speculation. So, that core of a healthy economy, that was centered on industry and the creation of value, that disappeared. And so, this is the background of my comment, that you had the creation of a strong center of capital accumulation in China that paralleled the collapse of the industrial capacity of the United States.
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