5min chapter

Macro N Cheese cover image

The New Cold War with Ben Norton

Macro N Cheese

CHAPTER

China Is the Real Threat to Western Hegemony

Russia has a mixed economy in which around 30 to 50% of GDP comes from state on industry. Russia also is the world's largest producer of wheat and fertilizer, but those are private companies. But the hydrocarbons industry is run by the state and the biggest company in Russia is Gazprom. The US and European capitalists want to privatize all of that and sell that all off to Western corporations. That's what they really are aiming for. They see China as the systematic threat to Western hegemony. And it continues to grow significantly faster than the US and European economies. This gets back to the point about modern monetary theory. A country can engage in modern monetary theory if its economy is based

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