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The relative economic decline of the US and its allies (G7) versus China and its allies (BRICS) leads to (1) realignment of global trade and investment, (2) changed global politics and alliances, and (3) basic cultural shifts inside and among nations. The political crises facing the United States at home and abroad hinge on this question: How will the US manage its decline?
Richard Wolff is Professor Emeritus at the University of Massachusetts Amherst, founder of Democracy at Work, host of the weekly podcast available on radio, TV, and YouTube entitled “Economic Update,” and author of numerous works. His latest book, Understanding Capitalism, available on DemocracyAtWork.info.
