Glenn Diesen - Greater Eurasia Podcast Richard Wolff: New Economic Model for Post-Hegemony America
Dec 12, 2025
Richard Wolff, a prominent economist and Marxian scholar, discusses the U.S.'s shift towards a new economic model amid fading global dominance. He argues that America's post-hegemonic strategy indicates a retreat to focusing on its hemisphere, while Europe risks becoming a tributary. Wolff also explores the decline of the dollar's supremacy, potential socialist alternatives in Europe, and how domestic politics will shape the continent's future. He highlights the backlash from Latin America and the increasing alignment with BRICS as countries divert from U.S. sanctions.
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Post‑War U.S. Dominance Was Temporary
- World War II created a temporary U.S. global dominance by destroying competitors and boosting American industry.
- That historic advantage is now gone, forcing the U.S. to confront a post-hegemonic world order.
Dollar And Petrodollar Subsidies Are Weakening
- The global mechanisms that subsidized U.S. power (dollar dominance, petrodollar) are eroding as other states refuse to underwrite U.S. privileges.
- The U.S. paper signals acceptance that it can no longer dominate globally and will focus regionally instead.
U.S. Strategy Narrows To Regional Preeminence
- The U.S. national security document signals a narrowed ambition: preeminence in the Western Hemisphere rather than global domination.
- Europe is implicitly relegated to a tributary role unless it pays heavily to keep U.S. favor.
