Related Stories
Neoliberalism as the U.S. Empire Declines
Key Excerpts from Article on Website of LA Progressive (A popular Los Angeles Newspaper)
Posted: April 27th, 2023
https://www.laprogressive.com/democracy/neoliberal-u-s-empir...
The neoliberal globalizing paradigm is now the old. Economic nationalism is the new. Neoliberal globalization ... celebrated the profits and growth brought to both private and state-owned/operated enterprises around the world. It downplayed or ignored the other sides of globalization: (1) growing income and wealth inequalities; (2) the shift of production from old to new centers of capitalism; and (3) faster growth of output and markets in new centers than old centers. Instead of a mostly private capitalist system (like that of the U.S. or UK) or a mostly state capitalist system (like that of the USSR), places like China and India produced hybrids. Strong national governments presided over coexisting large private and state sectors to maximize economic growth. The days of the U.S. dollar as the supreme global currency are numbered. U.S. supremacy in high-tech industries must already be shared with China’s high-tech industries. The U.S. empire’s decline raises the question of what comes next. The most interesting possibility and perhaps the likeliest is that China and the entire BRICS (Brazil, Russia, India, China, and South Africa) grouping of nations will undertake the construction and maintenance of a new world economy. The war in Ukraine has already enhanced the prospects of such an outcome by strengthening the BRICS alliance. They have the population, resources, productive capacity, connections, and accumulated solidarity to be a new pole for world economic development.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
Related Stories
Latest News
Key News Articles from Years Past
